US Government Transfers $2 Billion in Bitcoin from Silk Road Stash

From CNF’s earlier report, when BTC slipped on news of the U.S. moving 3,940 seized Silk Road Bitcoin to Coinbase, we considered this a massive sell-off on the horizon. In a turn of events, the U.S. Government recently moved over $2 billion worth of Bitcoin from its Silk Road confiscation, causing a stir in the market.

One notable community member, Collin Brown, shared his perspective. Collin Brown reported that the U.S. Government has moved 29,800 BTC from its Silk Road wallet, transferring over $2 billion worth of Bitcoin and impacting the market, despite Trump’s earlier commitment to hold the BTC.

🚨 Breaking: US Government Moves 29,800 BTC From Silk Road Wallet! 🚨

Despite Trump’s pledge to HODL, the DOJ has transferred over $2 billion worth of Bitcoin, rattling the market. 🤯💸

📊 Key Points:

▶️ 29,800 BTC in two transactions
▶️ Transfer comes amid BTC recovery
▶️… pic.twitter.com/EbZDOSEgEK

— Collin Brown (@CollinBrownXRP) July 29, 2024

Furthermore, according to Arkham Intelligence, this large transfer involved around 29,800 BTC moved in two parts from the wallet labeled “U.S. Government: Silk Road DOJ Confiscated Funds (bc1qj).” The first part transferred 27,799 BTC, while the second was a small transfer of 0.001 BTC. The reasons behind these transfers remain unclear, and this isn’t the first movement this month.

Earlier in July, the government transferred 237 BTC, worth about $14 million, from a crypto fraud case, preceded by a smaller test transfer of 11.84 BTC.

Last week, another transfer of 60 BTC, valued at nearly $4 million, went to Coinbase Prime. These movements have worried the crypto community due to potential impacts on Bitcoin’s price. This latest action by the DOJ follows the Bitcoin Conference 2024, where Donald Trump announced plans to hold the BTC owned by the U.S. Government.

Will it be $65,000 or $70,000 BTC Price Next?

As Bitcoin becomes a key topic in the upcoming election, most candidates, except Kamala Harris, have reiterated their support for the cryptocurrency. Market observers are concerned about the continuous sell-offs by the government, fearing they might negatively affect Bitcoin’s price, similar to the recent declines caused by the German Government’s sell-offs.

Reiterating CNF’s previous discussion on the U.S. Government planning to sell $1.18 billion worth of Bitcoin (BTC) connected to Silk Road, the effect on the market was being discussed. As of now, according to Coin Market Cap data, BTC is traded at $66,750.73 with a decrease of 2.92% in the past day and 0.89% in the past week. See BTC Price below.