The US government transferred 58.742 BTC, worth nearly $4 million, to Coinbase on Monday. These funds, seized from Ryan Farace, who was convicted in 2018 for selling Alprazolam on the dark web, were identified by Arkham Intelligence.
Ryan and his father, Joseph Farace, were also convicted of laundering Bitcoin proceeds. The Department of Justice recovered 2,933 BTC from them and announced plans to liquidate the holdings.
The liquidation through Coinbase is unlikely to impact the market significantly, unlike Germany’s recent sale of nearly 50,000 BTC from a movie piracy case, which caused bearish pressure.
The U.S. government’s potential BTC liquidation through Coinbase is not expected to significantly impact Bitcoin’s spot price.
In contrast, Germany’s Saxony state recently sold 49,858 BTC, causing the price to drop to $53,500. Currently, Bitcoin trades at $67,450, while the U.S. government holds over 213,000 BTC, valued at over $14 billion.
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