According to Arkham Intelligence, on the afternoon of March 2, the US Government transferred 30,000 Bitcoin (BTC), worth more than 2 billion USD, to the Coinbase exchange.
This is not the first time the US government has moved to transfer Bitcoin to the exchange. Since March last year, they have sold 8,841 BTC and raised $216 million, according to court filings.
All of the BTC sold is in the total storage of 50,000 BTC that the US government confiscated from the classic Silk Road hack.
The purpose of transferring Bitcoin to Coinbase has not yet been disclosed by the US government. Some investors speculate that this is a move to prepare for selling Bitcoin to profit in the context of BTC price plummeting to nearly 65,000 USD.
