US Government Sends $240M BTC to Coinbase Prime

The US Government just moved 3,940 BTC ($240M) to Coinbase Prime. This BTC was originally seized from narcotics trafficker Banmeet Singh

The US government has again transferred a large amount of Bitcoin to a crypto exchange, this time moving 3,940 BTC to Coinbase.

According to data from Arkham Intelligence, the US government is currently holding nearly 213,546 Bitcoins, which were seized from those involved in illicit activities. This includes funds confiscated from the Silk Road, an infamous online marketplace on the dark web that sold illegal drugs, weapons, and other illicit goods.

At the current trade price of crypto assets, the total value of all types of crypto assets held under the US government authority is nearly $13.45 billion.

The recent transfer of 3,940 Bitcoin by the US government to Coinbase is expected to heighten panic selling pressure in the Bitcoin market.

This transfer, equivalent to $241 million, signals a potential sell-off. When such large volumes hit exchanges, it typically indicates a willingness to liquidate assets, which can undermine investor confidence.

This move might lead investors to fear a market downturn and prompt them to sell their holdings to avoid losses, thereby intensifying selling pressure. Such actions often trigger a chain reaction of selling, contributing to increased market volatility and uncertainty about Bitcoin’s price direction.

It is worth noting that recently the German government also transferred 400 BTC to the Kraken & Coinbase crypto exchange and they also moved 500 BTC to untagged Bitcoin addresses.

All these things are only directed fingers toward the high-sell pressure situation in the Bitcoin market in the upcoming days.

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