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US Government Transfers $2 Billion in Bitcoin, Price Dips
Summary: In a significant transaction, the US government moved approximately 29,800 Bitcoin (BTC) worth around $2 billion from its wallet containing seized Silk Road funds. The transfer occurred at 12:29 PM on July 29, 2024, and was detected by on-chain data, causing Bitcoin's price to dip 1.3%, now trading at $66,890.12. The transaction saw the Bitcoin ...
In a significant transaction, the US government moved approximately 29,800 Bitcoin (BTC) worth around $2 billion from its wallet containing seized Silk Road funds. The transfer occurred at 12:29 PM on July 29, 2024, and was detected by on-chain data, causing Bitcoin's price to dip 1.3%, now trading at $66,890.12.
The transaction saw the Bitcoin split into two separate addresses: 10,000 BTC ($669.35 million) was sent to the address bc1qlap8hkt9genaljz5nt2zlehhudx63zlahr2zek, and 19,800 BTC ($1.33 billion) to bc1qngydl7hmgdtmuqjmtsyj3pcwszv0yn5mj6kz4c. Arkham Intelligence suggests that the 10,000 BTC transfer likely represents a deposit to an institutional custody or service.
The purpose behind the movement of these funds remains unclear, with speculation arising about whether this is a prelude to a sale or merely a reallocation of assets. The US government's Bitcoin holdings, managed from a wallet containing over $12 billion worth of Bitcoin, total nearly 183,440 BTC. This transfer follows a similar event by German authorities, who sold 49,858 BTC for $2.89 billion, previously causing Bitcoin's price to fall to $54,000.
Tags: BTC,Silk Road,US Government
Link: US Government Transfers $2 Billion in Bitcoin, Price Dips [Copy]
