US authorities transfers 10,000 Silk Highway BTC to Coinbase Prime, Bitcoin worth holds regular

A Bitcoin (BTC) deal with that acquired 10,000 BTC from a US authorities pockets two weeks in the past moved your entire stash to a Coinbase Prime deposit pockets at the moment, in accordance to on-chain knowledge.

The BTC moved within the transaction is a part of the crypto seized from the now-defunct darkish net market Silk Highway. The quantity is equal to over $592 million and was moved to a Coinbase Prime sizzling pockets.

On Apr. 2, the US authorities moved 31,800 BTC to a different pockets and has been distributing this quantity to completely different addresses since then.

Notably, in accordance to on-chain knowledge platform Arkham Intelligence, the US authorities nonetheless holds over $1 billion in Silk Highway-related BTC. 

The US authorities seized 50,000 BTC tied to the Silk Highway once they arrested James Zhong in November 2022. Zhong is accused of hacking the darkish net market in 2012 and stealing the seized quantity.

The final identified promoting motion associated to Silk Highway’s BTC stash occurred in March 2023, when the US bought 9,861.17 BTC.

Resilience amid potential ‘authorities dump’

“Authorities dump” actions grew to become infamous inside the crypto group after the German authorities bought almost 50,000 BTC seized after closing the piracy platform Movie2k. The episode lasted 23 days and triggered Bitcoin’s worth to fall 17% between mid-June and mid-July.

Nonetheless, this time Bitcoin is displaying resilience amid the US authorities motion. Regardless of falling 4% over the previous 24 hours, the worth variation during the last hour is constructive 0.5%.

A report revealed by CoinGecko in late July revealed that governments world wide maintain almost 483,400 BTC, with the US authorities taking the highest rank with a complete stash of 213,297 BTC.

Eradicating 10,000 BTC from the latest US authorities motion and contemplating the present worth of $59,160.64, the overall quantity held by sovereign states is sort of $28 billion.

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