US government transfers 10,000 Bitcoins worth $600 million to coinbase

A wallet associated with the US government has recently moved over 10,000 Bitcoin (BTC), as revealed by Arkham Intelligence. This action closely follows a similar large-scale transfer involving $2 billion worth of Bitcoin in late July.

Market Impact

Following the latest transfer, the price of Bitcoin experienced a slight decline, Currently, Bitcoin trades around $59,344, reflecting a 3.27% decrease over the last 24 hours, according to CoinGecko.

bitcoin price source:coinmarket

Government Holdings

The US government is currently the largest national holder of Bitcoin, possessing over 203,200 BTC. These holdings, mainly acquired through law enforcement actions such as the Silk Road seizure, are valued at approximately $12 billion.

Government Bitcoin holdings source：globaldate

Broader Context

In addition to Bitcoin, the US government holds over 50,000 Ether (ETH), with a value of around $134 million. Earlier this month, the government transferred 300 ETH, worth approximately $699,000, to a new wallet.

Historical Background

The US authorities' significant BTC holdings include a substantial portion seized from the infamous Silk Road dark web marketplace. In late 2021, the US Department of Justice confiscated over 50,000 BTC from Silk Road, which was worth $3.4 billion at that time. Over the following months, the government sold a portion of these assets, leaving approximately 30,000 BTC in its possession by mid-2023.

In a related event in April, a wallet containing over 30,000 BTC executed a minor test transaction, sending 0.001 BTC to another wallet linked to Coinbase Prime.