US government moves $2 billion in Bitcoin, price dips 1.3%

US government's Bitcoin wallet, containing seized Silk Road funds, transfers $2 billion worth of crypto to unknown addresses.

by Gino Matos

Jul. 29, 2024

The US government’s Bitcoin (BTC) wallet containing Silk Road’s seized funds moved roughly 29,800 BTC to different addresses today, on-chain data shows. The amount is equivalent to over $2 billion, and the news made the BTC price crash 1.2% in a few minutes, currently sitting at $66,890.12.

US government transaction. Image: Arkham Intelligence

Notably, the address that received the Bitcoin transaction is unknown up to the time of writing. According to on-chain data platform Arkham Intelligence, the US government’s Bitcoin address holds over $12 billion, which is nearly 183,440 BTC.

The crypto market was just recovering from a “government dump,” after the German authorities sold 49,858 BTC for $2.89 billion over 23 days, sending the Bitcoin price as low as $54,000.

Moreover, there’s still no reason behind the movement made by the US government wallet, leaving investors wondering if this was a movement to sell 29,800 BTC or just a reallocation of funds.

This is a story in development. We will update this article as soon as more information is revealed.

Disclosure: This article was edited by Gino Matos. For more information on how we create and review content, see our Editorial Policy.