The U.S. government transferred millions of dollars worth of Bitcoin and Ethereum from its reserves, which has sparked significant interest among market participants.
Market intelligence platform Arkham discovered this eye-catching transaction that took place on Thursday, naturally leading to various speculations among market users. The transfer occurred at 17:23 and involved Bitcoin and Ethereum, both of which are key components of President Trump's previously mentioned plan to establish a U.S. crypto reserve.
Arkham's data shows that a wallet labeled as belonging to the U.S. government, containing 97.3 BTC (approximately $8.46 million), was transferred to two new wallets. Further analysis indicates that these funds came from seized Sae-heng assets, which is clearly a government-controlled address.
Speaking of which, the U.S. government seized these funds after Wanpadet Sae Heng defrauded residents through a so-called pig farming scheme. U.S. authorities captured this money via Binance Aid, confiscating 97.3 BTC, 884.3 ETH, 2.56 million Doge, and 85 million ADA.
Recently, this wallet also transferred $10 worth to an address called BC1QS0Q, while the remaining 97.33 BTC was sent to a new wallet BC1Q7QF.
Additionally, at 17:43 on the same day, the U.S. government address labeled SAE-HENG transferred 88.43 ETH, worth $1.77 million, to the address 0xbf7fb.
Despite these transfers, the U.S. government still holds 198,012 BTC, worth up to $17.04 billion. This is a substantial figure, and they plan to manage it with a 'budget-neutral' approach.
The Bitcoin bill is still progressing, proposing to buy 1 million BTC over five years. Although Senator Bernie Moreno is urging the U.S. Congress to pass this proposal before August, whether it will be feasible remains a question.
However, the U.S. is currently the largest sovereign holder of BTC, with China in second place. The Royal Government of Bhutan and the Royal Government of El Salvador rank third and fourth with 8,971 BTC and 6,129 BTC, respectively. So, there won't be much change in the situation.
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