U.S. Moves $600M of Silk Road Bitcoin to Coinbase Prime, But Not Necessarily to Sell !!

According to Arkham Intelligence data, a wallet tagged as belonging to the U.S. government moved 10,000 BTC (worth approx. $600 million) to Coinbase Prime, the exchange giant's institutional platform.

Notably, the funds appear to be related to the BTC seized from the Silk Road dark web marketplace. While deposits to an exchange usually signal an intention to sell the assets, in this case the transfer may have happened for custody reasons. Notably, the U.S. Marshals Service announced a partnership last month with Coinbase Prime to "safeguard and trade" large-cap digital assets.

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