The US government is trying to sell more bitcoins linked to the Silk Road.
Another 2000 BTC has been moved from government coffers to Coinbase.
According to blockchain data, US government officials are selling the country's large Bitcoin (BTC) holdings, possibly putting more selling pressure on the crypto market.
On-chain sleuth ZachXBT noted on Tuesday that Silk Road-linked government-controlled Bitcoin initiated a small transaction from Coinbase â the crypto exchange previously used by authorities to sell parts of their stash. was
Shortly after, the wallet transferred 1,999 BTC to Coinbase Prime, which was worth $139 million at the time.
Additionally, the US government still holds 29,799 BTC of Silk Road Bitcoin, which is worth $1.96 billion at the time of writing.
The US first seized more than 50,000 BTC linked to the Silk Road in late 2021 from marketplace hacker James Zhong. The U.S. government began selling these coins gradually last year, with the last sale at BTC 9,000 in July 2023.
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Government sales have had little impact on bitcoin price movements so far. In fact, his first disposal of 9,861 BTC in March 2023 preceded a 25% rise in the price of BTC before the DOJ officially announced the sale.
