US government-associated wallet moves $600 million in Bitcoin

Key Takeaways

• 10,000 BTC worth around $600 million has been moved from a government-linked wallet.
• The wallet involved is associated with assets seized from the Silk Road.

A wallet connected to the US government transferred over 10,000 Bitcoin (BTC) in the last few minutes, according to data from Arkham Intelligence. This is the address that received over 10,000 BTC from the US government-labeled wallet two weeks ago.

Source: Arkham Intelligence

The Bitcoin stash eventually reached Coinbase Prime.

The latest move follows a $2 billion Bitcoin transaction made by the US government in late July. After the transfer, Bitcoin’s price dipped 1.2%, as reported by Crypto Briefing. Bitcoin is currently trading at around $59,000, down 3% in the last 24 hours, CoinGecko’s data shows.

According to Arkham’s data , the US authorities currently hold over 203,200 BTC, making it the largest national holder of Bitcoin globally. This substantial amount is valued at around $12 billion based on current market prices.

The majority of Bitcoin holdings have come from law enforcement actions, including the Silk Road seizure. The government seized approximately 174,000 BTC from the notorious dark web marketplace.

Apart from Bitcoin, the US government also holds over 50,000 Ether (ETH), valued at approximately $134 million. Arkham reported that the government transferred 300 ETH, worth around $699,000, to a new wallet earlier this month.