- United States government transfers 9,825 bitcoins worth $297.6 million.
- 1,625 BTC allocated to two newly established Bitcoin wallets.
- Government transfers remaining 8,200 bitcoins to dormant whale wallets.
According to Lookonchain, a prominent smartmoney, and onchain analytics platform, the United States government has successfully executed a transfer of 9,825 bitcoins, currently holding a value of $297.6 million. Notably, a portion of this transfer involved the allocation of 1,625 BTC, equivalent to a staggering $49 million, to two recently established Bitcoin wallets.
According to Lookonchain, the government has transferred the remaining 8,200 bitcoins in a series of 101 transactions to eight whale wallets that had remained dormant for two years.
Lookonchain, in its report on the transactions, referred to a previous incident in March, wherein the United States government conducted a substantial transfer of bitcoins through the Bitcoin network. This transfer involved the government sending 49,000 BTC, equivalent to $1.08 billion. The bitcoins were initially confiscated from a Silk Road hacker approximately five years ago.
The government successfully carried out the March transfers in two separate installments. The initial batch encompassed 9,826 BTC, valued at approximately $217 million during the transaction. According to Lookonchain, this particular batch was sent to Coinbase by the U.S. government. Subsequently, the government transferred the remaining 39,175 bitcoins, equivalent to a staggering $867 million, to two freshly established Bitcoin wallets.
The recent move by the U.S. government has sparked considerable responses within the cryptocurrency community. In response to Lookonchain’s tweet, several community members have expressed curiosity regarding the government’s intentions regarding the potential sale of these bitcoins and the subsequent impact it may have on the value of the pioneering cryptocurrency.
One of the other participants, Guilherme Lage, proposed that the government should consider divesting its BTC holdings. In his view, such a move could lead to a decline in bitcoin prices, thereby presenting an opportunity for buyers to acquire the cryptocurrency at a more favorable price point and continue the upward trajectory.
When composing this text, Bitcoin is being traded for $30,360. Over the past three weeks, it has exhibited a consistent sideways movement, with a defined range between $31,500 as the upper limit and $29,508 as the lower limit.
