📉 The US transferred 3,940 BTC to the Coinbase Prime wallet on June 26, 2024, data from Arkham Intelligence shows. These are BTC seized from convicted drug trafficker Banmeet Singh.

In 2019, Singh was arrested in London and extradited to the United States in 2023. The court sentenced him to five years in prison and confiscation of more than 8,100 BTC, valued at that time at $150 million.

In recent weeks, the market has been worried about rumors about the sale of cryptocurrency by governments. Recently it became known that the German government is selling its BTC, worth about $2.76 billion.

Also fueling investor fears is pressure to sell from the bankrupt Mt. Gox, which begins the process of selling 140,000 BTC.