Blockchain analytics platform Arkham Intelligence reported that $593.5 million worth of Silk Road-related Bitcoins have been transferred to the Coinbase exchange.
This transfer, part of nearly $2 billion worth of BTC moved by the U.S. government, initially caused a dip in Bitcoin’s price. However, the market’s reaction was later deemed an overreaction, as these coins were simply sent for custody.
In early July, Coinbase Prime secured a partnership with the U.S. Marshals Service to securely store the government’s confiscated coins. Despite the large transfer, Bitcoin’s price remained stable, trading at $59,216.
The U.S. government remains the largest Bitcoin holder among world governments, with a significant portion of its coins originating from the Silk Road dark web marketplace. In February 2022, the U.S. recovered a substantial amount of coins stolen from the Bitfinex exchange in 2016.
The U.S. Marshals Service often auctions seized coins, with notable past winners like venture capitalist Tim Draper.
Other top Bitcoin-holding countries include China and the UK. Germany, however, exited the list after Saxony sold off its confiscated coins earlier this year, causing significant market pressure.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
