hold or not - US Government Sends Massive Amount of BTC to Coinbase

According to data provided by blockchain analytics platform Arkham Intelligence, $593.5 million worth of Silk Road-related Bitcoins have been moved to the Coinbase exchange.

As reported by U.Today, the price of Bitcoin dipped after the U.S. government transferred nearly $2 billion worth of BTC to exchanges. However, it turned out that the market overreacted since these coins were simply sent for custody. In early July, the leading US cryptocurrency exchange secured a high-profile partnership with the United States Marshals Service, the very first law enforcement agency in the country. The deal was meant to ensure Coinbase Prime securely stores the government's confiscated coins.

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The price of Bitcoin seems to be unfazed by the most recent transfer, currently trading at $59,216. The US government remains the top holder of Bitcoin among world governments, according to data provided by Bitcoin Treasuries. A big chunk of the coins held by the US government come from Silk Road, the long-defunct dark web marketplace. In February 2022, the US government announced that it had recovered a substantial portion of coins that were stolen from the Bitfinex exchange back in 2016.

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The U.S. Marshals Service typically auctions off the coins that it seizes. Notably, venture capitalist Tim Draper was the sole winner of one of its auctions that was conducted back in July 2014. Apart from the U.S., China and the UK are also among the top Bitcoin holders. Germany, however, left the list after Saxony, one of its states, sold off all of its confiscated coins earlier this year, putting significant selling pressure on the market.