The US Government Moves $2B in BTC to a Unique Address, BTC Price Falls Below $67k

The United States government has reportedly conducted a huge BTC transaction, shifting Bitcoin of $2B worth to a unique address. Arkham, a prominent market intelligence platform, has asserted that this BTC transfer took place just recently, including 29,799.99011436 Bitcoin from bc1qj (an address on the Silk Road DOJ Confiscated Funds) to a unique address. The platform took to social media to disclose this significant development. The timing of this transaction is very crucial as Donald Trump announced two days ago that he will not sell any BTC from US holdings and will create a BTC reserve for the country. After this huge selling, BTC briefly fell below $67k.

BREAKING:

The US. Government just moved $2B of Bitcoin to a new address:

bc1qsl993y04xnq4fyhmrt6cnmctgjjv9ukdvrk0cd pic.twitter.com/JQvjKIuRNn

— Arkham (@ArkhamIntel) July 29, 2024

The US Authorities Shift $2B Worth of BTC to an Exclusive Address

Arkham noted that “bc1qsl993y04xnq4fyhmrt6cnmctgjjv9ukdvrk0cd” is the address to which the government sent the BTC tokens. It added that the respective transfer has an important role not just for the size thereof. Nonetheless, it is crucial for its likely implications for the assets that the US government holds and the BTC market. The government has collected a substantial BTC amount via diverse seizures, especially from the notorious darknet marketplace Silk Road.

The government now possesses a cumulative amount of 69,000 BTC that it seized from Ross Ulbricht (the Silk Road founder). Apart from that, the government had also confiscated 50,676 BTC from Zhong (a Silk Road associate). The respective holdings occupy a major portion of the cumulative BTC in circulation. They also denote one of the biggest BTC caches that a single entity controls.

The Massive BTC Transfer Raises Concerns about a Likely Further Step by the US Government

Such a big BTC stash shift raises questions about the intention of the US government. These transfers could denote preparatory moves for custody reorganization, liquidation, or the rest of the strategic financial operations. In the case of a decision favoring the asset sell-out could affect the price of Bitcoin because of an abrupt supply increase. According to Arkham, the 69,000 BTC in the possession of the US government are cautioning the market participants concerning the next move.