Just In: US Government Moves Bitcoin Worth $1.9 Bln To New Address
Highlights
- US Government moves another massive Silk Road Bitcoin
- A Coinbase Prime wallet is one of the recipient wallet addresses, sparking selloff fears
- The digital currency ecosystem is gaining intense traction worldwide
The US Government has initiated a new Bitcoin transfer valued at approximately $1.92 billion. According to data from Arkham Intelligence, the new address the funds were sent to has the label “bc1q0a…zhspm.” The transaction occured at block height 872935 and this transfer has sparked a major conversation in the community as to the intent.
US Government and Bitcoin
The $1.92 billion transfer were split into two distinct Bitcoin wallets. Per the Arkham Intelligence data, the government moved a total of $969 million worth of BTC to address “33Tgpo…y3BShW.” The second transfer of $949 million worth of BTC was sent to “bc1qxkh….g6wc7p6.”
The $1.92B has been split into two wallets.
$969M BTC: 33TgpoSWfcUYJLt1jUyDR1hy64jcy3BShW
$949M BTC: bc1qxkhwkn623l5lg4rx9vx8cujmleaga0eg6wc7p6 pic.twitter.com/fyRyIYAu8M— Arkham (@arkham) December 2, 2024
While exact purpose of the transfers remains an enigma, there are speculations that the US government is likely ready to selloff. Intelligence providers revealed that the government’s wallet address moved 10,000 Bitcoin units to Coinbase Prime. Typically, such transfers are an indication that a mega selloff if underway.
These funds are part of the seized funds from the dark marketplace Silk Road.
The US government last transferred its Bitcoin holdings in July. Data platforms pegged the transferred funds at the time at a over $2 billion. These latest transfers comes at a time the conversations around a strategic BTC reserve is growing.
Other sovereign nations including Germany and Bhutan have sold off Bitcoin in similar transfers to crypto exchanges. Bhutan sold $33 million BTC recently as its overall holdings topped $1.1 billion.
Nations and BTC Adoption
It is not uncommon to see many sovereign governments around the world warming toward crypto adoption.
While Germany sold off over 50,000 Bitcoin stash earlier this year, there are advocacy moves to help the country buyback its offloaded stack. As reported earlier by Coingape, the parliament of Switzerland’s Canton Bern approved a BTC mining probe to understand the economic benefits of the venture to the national grid.
Though Switzerland is a major pro-crypto hub, the Canton Bern’s positive disposition has further boosted the sentiment around the coin.
Meanwhile, the promise of a strategic Bitcoin Reserve by US President-elect Donald Trump remains a major campaign promise to watch how it would be implemented.
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