Prime

Bitcoin

Silk Road

Million

Arkham

<ul>
 <li><strong>The U.S. government has transferred 10,000 Bitcoin (BTC), valued at $300 million, from a government wallet to Coinbase, signaling a potential upcoming sale.</strong></li>
 <li><strong>These Bitcoin likely originate from the Silk Road darknet marketplace seizure and could negatively impact the Bitcoin market price.</strong></li>
</ul>
<p data-sourcepos="8:1-8:16">On August 15, 2024, Arkham Intelligence reported that 10,000 BTC were transferred from a wallet associated with the U.S. government to a Prime account on the Coinbase cryptocurrency exchange. The value of these <a href="https://www.ethnews.com/blackrock-and-fidelity-are-hoarding-bitcoin-could-they-control-the-future-of-crypto/" rel="noopener noreferrer nofollow">Bitcoin</a> is estimated at $300 million, and they are believed to be part of the seized Bitcoin from the Silk Road darknet marketplace, which has a total value of approximately $2 billion.</p>
<p data-sourcepos="10:1-10:361">Two weeks prior, the U.S. government transferred $2 billion worth of Bitcoin to an unknown wallet. At that time, Arkham speculated that some of these <a href="https://www.ethnews.com/bitcoins-big-break-why-btc-could-skyrocket-to-100k-this-fall/" rel="noopener noreferrer nofollow">Bitcoin</a> might be deposited with custodians or institutional investors. The recent transfer to a Coinbase Prime account, typically used by institutional investors, strengthens the assumption of an impending sale.</p>
<p data-sourcepos="12:1-12:77">The possibility of the U.S. government selling a large quantity of Bitcoin is worrying market observers, as this could significantly pressure the price of <a href="https://www.ethnews.com/senior-etf-analyst-on-satoshi-nakamoto-likely-to-lose-bitcoins-top-holder-status-by-year-end-will-this-influence-btc-price-targets/" rel="noopener noreferrer nofollow">Bitcoin</a>. Arkham Intelligence estimates that the U.S. government currently holds over 200,000 BTC, including those seized from illegal activities.</p>
<p data-sourcepos="14:1-14:334">This latest transfer highlights the growing role of governments in the cryptocurrency market and the potential impact their actions can have on the market price of <a href="https://www.ethnews.com/mt-gox-2-billion-in-bitcoin-on-the-verge-of-release/" rel="noopener noreferrer nofollow">Bitcoin</a> and other cryptocurrencies. It remains to be seen if and when the U.S. government will sell these Bitcoin and what the consequences will be for the crypto market.</p>
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<p>The post <a href="https://www.ethnews.com/us-government-transfers-300-million-in-bitcoin-to-coinbase-market-sell-off-looms/" rel="noopener noreferrer nofollow">US Government Transfers $300 Million in Bitcoin to Coinbase: Market Sell-Off Looms</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.</p>

US Government Transfers $300 Million in Bitcoin to Coinbase: Market Sell-Off Looms

ETHNews

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