A U.S. government-linked wallet has transferred over 10,000 Bitcoin (BTC), valued at approximately $600 million, according to data from Arkham Intelligence. This significant movement follows a similar transaction in late July, where the government shifted around $2 billion in Bitcoin.
The recent transfer involved moving Bitcoin to a wallet associated with Coinbase Prime. This development is noteworthy as it coincides with the largest single-day withdrawal of Tether (USDT) from crypto exchanges since May, suggesting a possible shift in investor sentiment towards a more cautious stance.
Following the transfer, Bitcoin’s price dipped by 1.2%, trading at around $59,000—a 3% decline in the last 24 hours, according to CoinGecko.
Currently, U.S. authorities hold over 203,200 BTC, making them the largest national holder of Bitcoin worldwide. This extensive cache is valued at approximately $12 billion at current market prices. The bulk of these holdings were acquired through law enforcement actions, including the seizure of around 174,000 BTC from the Silk Road dark web marketplace.
In addition to Bitcoin, the U.S. government also holds over 50,000 Ether (ETH), valued at approximately $134 million. Earlier this month, 300 ETH, worth around $699,000, was transferred to a new wallet.
The movement of such a substantial amount of Bitcoin has sparked speculation about the government’s intentions with these assets. While the transfer could hint at a potential sale, it remains unclear whether the government plans to liquidate these holdings or simply relocate them for custody purposes.
As the market continues to react, traders and analysts are closely watching Bitcoin’s price movements and considering the broader implications for the cryptocurrency market.
