US government transfers $1.9 billion in Bitcoin to Coinbase Prime

A crypto wallet linked to the US government just transferred approximately 20,000 Bitcoin, valued at $1.9 million, to Coinbase, according to data tracked by Arkham Intelligence.

The wallet’s Bitcoin holdings are linked to the seizure of assets from Silk Road, a notorious dark web marketplace that facilitated illegal drug and weapon trades before its shutdown in 2013. At the time of reporting, the US authorities still hold around $18 billion worth of Bitcoin, alongside other crypto assets like ETH (approximately $217 million) and USDT (around $122 million).

The recent transaction was executed in two parts, starting with a test transfer of 0.001 BTC, valued at $97, to a Coinbase Prime deposit address, followed by a larger transfer of 19,800 BTC, approximately $1.9 billion, to an intermediary wallet before reaching Coinbase.

These transfers follow a previous movement in late August when the government reportedly sent 10,000 BTC, worth approximately $600 million, to Coinbase from the same wallet.

Bitcoin’s price dropped to $96,200 following the transfer, according to CoinGecko data.

This is a developing story.