news

US Government Wallet Moves $600 Million in Bitcoin

Vaseline August 14, 2024

Key Points

10,000 BTC worth approximately $600 million has been moved from a government-linked wallet.
The wallet in question is related to assets seized along the Silk Road.

A wallet tied to the U.S. government has transferred more than 10,000 Bitcoin (BTC) in the past few minutes, according to data from Arkham Intelligence. This is the address that received more than 10,000 BTC from the wallet tagged by the U.S. government two weeks ago.

The latest move follows a $2 billion Bitcoin transaction made by the U.S. government in late July. Following the transfer, Bitcoin’s price dropped 1.2%, as reported by Crypto Briefing. Bitcoin is currently trading at around $59,000, down 3% in the last 24 hours.

According to Arkham’s data, the US authorities currently own over 203,200 BTC, making it the largest national holder of Bitcoin worldwide. This substantial amount is estimated to be worth around $12 billion based on current market prices.

Sapphire

The majority of Bitcoin holdings come from law enforcement actions, including the seizure of Silk Road. The government seized approximately 174,000 BTC from the notorious dark web marketplace.