As the US Government moves $2 billion in seized bitcoin on Monday, the Bitcoin falls, causing a price drop and raising concerns among investors, especially shortly after Donald Trump pledged to accumulate BTC.
According to research, a wallet linked to “U.S. Government: Silk Road DOJ” moved 29,800 BTC from the Silk Road website to a previously unused address. Subsequently, 19,800 BTC and 10,000 BTC were sent to two other addresses, with analysts suggesting the latter might have been deposited into an institutional custody service.
UPDATE: The U.S. Government has split the $2B Bitcoin into two addresses:
— Arkham (@ArkhamIntel) July 29, 2024
10,000 BTC ($669.35M): bc1qlap8hkt9genaljz5nt2zlehhudx63zlahr2zek
19,800 BTC ($1.33B): bc1qngydl7hmgdtmuqjmtsyj3pcwszv0yn5mj6kz4c
We believe this represents a 10,000 BTC deposit to an institutional… https://t.co/0aULBXGd8P pic.twitter.com/RTwtaqvMmM
This action follows a pattern where such movements often precede asset sales. Bitcoin fell below $67,000 after the transfer, continuing a decline from a high of $70,000 earlier in the day. At the time of writing, bitcoin was trading at $66,670.43 with a market cap of $1,315,659,543,720.
While not directly linked, the timing of the government’s transaction coincided with Donald Trump’s recent statement at the Trump Bitcoin conference about creating a “strategic national bitcoin stockpile” if elected. Before this move, the data indicated that the U.S. government held approximately $12 billion worth of seized bitcoin.
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