In the world of cryptocurrency, every development can cause a storm. Recently, news about the US government seizing Bitcoin shook the entire market.
Just this morning (15th), on-chain data showed that 10,000 bitcoins seized by the US government in the "Silk Road" case, worth nearly $600 million, have been transferred to Coinbase Prime. This abnormal movement instantly tightened the market's nerves, because the previous two similar situations caused a sharp drop in the price of Bitcoin, and the market was generally worried.
However, data analysts pointed out that the move may not be for selling, but more likely for custody purposes. About two weeks ago, these bitcoins were marked as funds seized by the US Department of Justice and have been idle since then.
Over the years, the U.S. government has seized more than 200,000 bitcoins from suspects in its crackdown on crime, making it a well-deserved "Bitcoin whale" in the cryptocurrency field. Due to the huge number of bitcoins it holds, any transfer of these bitcoins has attracted much attention from the market. After all, a huge sell-off may have a huge impact on the market price.
According to the tracking of blockchain analysis company Arkham Intelligence, these 10,000 bitcoins were marked two weeks ago and transferred to a new wallet and left idle until early this morning before being deposited into Coinbase Prime. It is worth noting that this transfer occurred after the price of Bitcoin plummeted from $61,000 to $59,000. As of now, the price has further fallen to $57,850, a drop of 3.5% in the past 2 hours.
Although deposits to cryptocurrency exchanges are usually seen as a signal of "selling coins for cash", in this particular case, analysts believe that it is more likely to be for "custody" of assets. Last month, the US Marshals Service, which is responsible for managing criminal assets under the US Department of Justice, announced a partnership with Coinbase Prime to "protect and trade" high-market-value digital assets.
Looking back at history, the last documented sale of Silk Road assets by the US government was in March 2023, when 9,861 bitcoins were sold for $216 million. In January of this year, an announcement was also made that 2,933 bitcoins would be sold, but the follow-up has not yet been announced.
According to Arkham Intelligence, the US government currently holds 203,000 bitcoins, with a total value of approximately $11.8 billion. In the future, the US government's handling of these bitcoins will continue to affect the entire cryptocurrency market. Investors need to pay close attention and make careful decisions! #美国钱包 #BTC☀ #链上动态 $BTC
