The U.S. government recently transferred nearly $600 million worth of Bitcoin (BTC), seized from the Silk Road dark web marketplace, to a wallet associated with Coinbase Prime. This move involved 10,000 Bitcoin and was reported by Arkham Intelligence.
It’s unclear whether the assets will be sold or held. This transaction follows a previous move of approximately $2 billion in Silk Road Bitcoin in late July. According to CoinMarketCap data, the price of Bitcoin has since dipped, trading at around $58,461, marking a 3.9% decrease in the past 24 hours.
Such significant transfers often capture investors’ attention, sparking speculation about the potential impact on the market. Last month, the U.S. Marshals Service awarded Coinbase Prime a contract to manage and dispose of large-cap cryptocurrency assets, suggesting the government might be relocating these assets for custody purposes.
The Silk Road marketplace, shut down in 2014, facilitated illegal transactions using cryptocurrencies like Bitcoin. Over the years, U.S. authorities have sold portions of the seized Bitcoin.
Meanwhile, US Presidential hopeful and Republican candidate Donald Trump has proposed a “strategic Bitcoin reserve” if he becomes the next US president, and plans to hold on to all Bitcoin that the U.S. government currently owns.
