The US transfers 1.92 billion USD in Bitcoin, half sent to Coinbase

On December 2, 2024, the US government executed a major transaction transferring 1.92 billion USD in Bitcoin, with nearly 19,780 BTC being moved to a new address, half of which was sent to Coinbase. This marks the first Bitcoin transfer by the US government since the summer of this year. Although the specific reason for this transaction has yet to be determined, it is likely related to the Bitcoin stash seized from the investigation into the Silk Road dark market, where the government had held 50,000 BTC.

This move affected the price of Bitcoin, causing it to drop to around 94,400 USD, erasing all gains made after the news about MicroStrategy. Currently, the US government still holds over 188,300 BTC, valued at approximately 18.1 billion USD, along with other cryptocurrency assets like ETH and USDT. This move may just be a transfer of custody rather than a sale of coins, as the government has signed an agreement with Coinbase to manage the seized assets.