The U.S. government recently moved over 10,000 BTC, holding a total of 203,200 BTC valued around $12 billion.
Government's Bitcoin reserve largely stems from the Silk Road seizure of 174,000 BTC.
The U.S. also holds 50,000 ETH, recently transferring 300 ETH to a new wallet.
A wallet associated with the U.S. government has transferred over 10,000 Bitcoin (BTC) to the Coinbase Prime wallet, as reported by Arkham Intelligence.
https://twitter.com/WuBlockchain/status/1823902265557799273
The address involved had previously received these funds from another government wallet approximately two weeks ago. This transfer comes in the wake of a significant $2 Billion Bitcoin transaction by the U.S. government in late July.
Following the move, the price of Bitcoin fell 1.2%. Arkham estimates that the United States government now has more than 203,200 BTC, making it the world's largest Bitcoin holder. Based on current market prices, this large reserve is worth approximately $12 billion.
Government Holdings Stem from Law Enforcement Seizures
Law enforcement activities, particularly the well-known Silk Road seizure, have contributed greatly to the US government's Bitcoin holdings. During the operation, the government seized almost 174,000 BTC from the dark web market. The government's huge cryptocurrency reserves are a result of these assets being under its control.
In addition to Bitcoin, the U.S. government also holds over 50,000 Ether (ETH), valued at approximately $134 million. Earlier this month, Arkham Intelligence reported that the government transferred 300 ETH, worth around $699,000, to a new wallet.
Speculation Surrounding Government's Crypto Strategy
There is ongoing speculation regarding the government's intentions with its cryptocurrency holdings, particularly ahead of the elections. While no official statements have been made, some believe that the current administration may consider offloading a portion of its BTC reserves. Despite these recent transfers, the United States remains the largest sovereign holder of Bitcoin, with a total valuation exceeding $11 billion.
The United States government's newest Bitcoin transfer demonstrates its substantial impact in the cryptocurrency market. As these crypto moves continue, they may cause further price volatility and fuel ongoing debates about the government's intentions for its huge cryptocurrency holdings.
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