Wallets associated with the US government moved 40,000 BTC

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I agree with you latest reports, United States government-associated wallets transferred around 40,000 Bitcoins, most of which are internal transfers. Among the total amount of Bitcoin transferred, which is worth more than $2 billion, a defined number of coins were transferred to the major cryptocurrency exchange. coinbase.

Notably, leading on-chain data provider Glassnode shared on Twitter that nearly 40k BTC from wallets “associated with US government law enforcement seizures are the movement.”

Furthermore, the platform noted that approximately 9,861 BTC “seized from the Silk Road hacker” have been sent to the Coinbase cluster. It should be noted that Silk Road was a notorious black market that was shut down by the Federal Bureau of Investigation (FBI) in 2013.

After the Silk Road closure, the seized Bitcoins were auctioned off in 2014. The reason behind the current transfer of Bitcoins to the Coinbase cluster remains a mystery.

Significantly, a crypto analyst Ali Martinez mentioned that BTC continues to face selling pressure, stating:

Bitcoin fell below a critical support area between $23,050 and $23,730, where 1.63 million addresses bought more than $910,000BTC. Failure to recover this area as support could trigger a sell-off that pushes BTC to $20,700 or even $19,300.

Interestingly, the sudden move by the US government to transfer Bitcoin stocks paves the way for countless questions. There are rumors that the government has been trying to sell its holdings when the market is high. Conversely, others say that the transfer of Bitcoins is just one part of the government’s asset management system.

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