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US government moves $2B in BTC: selling pressure grows
By Davide Grammatica
About $2 billion in seized Bitcoin (from Silk Road) has been moved by the U.S. government to a Coinbase wallet
The ghost of “federal” sales pressure on BTC
On-chain research firm Arkham Intelligence recently reported on peculiar activities involving Bitcoin funds held by the U.S. government. We are talking about the notorious BTC seized in 2014 from Silk Road, the famous dark web platform shut down upon action by U.S. federal authorities as a vehicle for numerous illegal activities.
Reportedly, 19,800 BTC, or $1.92 billion, were transferred to a Coinbase account, likely for a gradual process of selling the funds in question on the market.
Part of the funds, however would also involve a share seized from James Zhong, who in 2012 managed to steal 50,676 Bitcoins by manipulating marketplace transactions. Federal authorities confiscated the stash in 2022, only to move it to Coinbase these days.
The huge share of BTC ready to be sold obviously worried investors, who reacted to the news by causing a slight correction of BTC in the day.
ALERT: US GOVERNMENT MOVING $1.92B BTC TO NEW ADDRESS
Address: bc1q0av33ktzrkjps8exjex5gtv98vx225uqmzhspm pic.twitter.com/JSELsjFg5T
— Arkham (@arkham) December 2, 2024
BTC's reaction
Even the mere speculation that such a figure could translate into actual spillover to the market leads investors to amplify the selling pressure on the asset, even if, as in this case, the sale may not be imminent with only Coinbase’s involvement.
Silk Road founder Ross Ulbricht is currently in jail, but the newly elected U.S. president promised on the campaign trail to release him when he takes office. In this respect, too, Donald Trump has gained favor with the crypto community for a completely revamped approach to the industry compared to the past. However, it remains very likely that the funds under discussion will actually be sold, and the affair could dampen the bullish movement of BTC in recent weeks.
