On Wednesday morning, on-chain data revealed that two wallets connected to the U.S. government, which were linked to the seizure of crypto from the Silk Road, have moved over $300 million worth of bitcoin (BTC) in three separate transactions.
Following the transactions, the price of Bitcoin experienced a temporary decline of 0.8% to $30,480. However, it has since recovered to $30,660 as of press time.
Bitcoin’s block explorer provides insights into the movement of funds, indicating that the government-controlled wallets sent a total of 9,825 bitcoin, equivalent to $301 million.
This significant transfer of funds raises questions about the intentions and future plans of the U.S. government with regard to the seized bitcoins.
In March, the same government-controlled wallet made headlines when it transferred over $1 billion worth of bitcoin. This move had a considerable impact on the market, leading to a slump across major cryptocurrencies.
Additionally, the U.S. government sold 9,861 bitcoin for $216 million in March, following the seizure of 50,000 bitcoin linked to the Silk Road marketplace in November.
The recent movement of over $300 million worth of bitcoin by the U.S. government raises speculation about its objectives and potential future actions with the seized funds.
While the exact purpose of these transactions remains unclear, market participants will closely monitor any further developments that may impact the cryptocurrency market.