Editor's PiCK
"US Government Transfers 10,000 BTC to Coinbase 9 Hours Ago... Not for Sale but for Custody"
Summary
- The US government announced that it has transferred nearly 20,000 Bitcoins to Coinbase.
- The purpose of this transfer is analyzed to be for custody, not for sale.
- Currently, the US government is reported to be holding 18,3850 BTC.
The US government has reportedly transferred nearly 20,000 Bitcoins (BTC), with some of it being sent to Coinbase, indicating that the purpose is not for sale but for custody.
On the 3rd (local time), SpotOnChain reported via X (formerly Twitter) that "9 hours ago, the US government transferred 19,800 BTC (approximately $1.95 billion), of which 10,000 BTC (approximately $962.9 million) was deposited to Coinbase." This was identified as a quantity seized from the dark web Silk Road.
Furthermore, SpotOnChain analyzed that "by 2024, the US government will have transferred a total of 25,999 BTC (approximately $2.459 billion) to Coinbase, and such movements are seen as internal trades for custody purposes, not as immediate sales signals." Currently, the US government is reported to be holding 183,850 BTC (approximately $17.57 billion) across various addresses.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
![[Market] Bitcoin falls below $71,000…Lowest level since October 2024](https://media.bloomingbit.io/PROD/news/0e5880b9-61dd-49d4-9d2e-c47a3fb33a93.webp?w=250)
