US Government Transfers 300 ETH From Seized Assets Wallet as Cryptocurrency Market Dips

According to Arkham Intelligence, a wallet believed to be controlled by the U.S. government transferred 300 Ether (ETH), valued at approximately $699,000

A wallet address believed to be controlled by the U.S. government has transferred 300 Ether (ETH), currently valued at approximately $699,000, according to data from Arkham Intelligence.

The transfer was made on August 5 to a wallet address ending in “d46.” The wallet now shows a balance of zero, indicating that the transfer may be related to seized assets, as was the case in a recent transaction by the U.S. government on July 30.

This transfer also coincides with a period of volatility for Ethereum, with the cryptocurrency dropping by 10% in the last 24 hours.

According to independent analyst Crypto Lion, Ethereum’s recent price dip is a result of a lack of demand on cryptocurrency exchanges, despite the recent launch of Ethereum exchange-traded funds (ETFs) in the U.S.

Furthermore, a interest rate cut by the Bank of Japan has contributed to a downturn in the financial markets, pushing Ethereum’s value down further.

On August 5, Ethereum hit a low of around $2,100, following a massive sell-off by Jump Crypto after they liquidated over $377 million in Wrapped Lido Staked ETH (wstETH) on July 24. The firm is also reportedly planning to sell $481 million in wstETH, as mentioned in a recent report.

Moreover, CoinShares' weekly inflows report, published on August 5, shows that digital asset investment vehicles experienced their first capital outflow in four weeks.

For the week, Ethereum ETFs saw outflows totaling $146 million, bringing the total outflow since the ETF launch to $430 million.

The Grayscale Ethereum Trust has also seen significant outflows, with $603 million exiting the fund since the ETFs were introduced.

According to data from Arkham Intelligence, the U.S. government currently holds over 203,000 Bitcoin, valued at approximately $10 billion, making it the largest governmental holder of the cryptocurrency.

In addition to Bitcoin, the government also possesses 50,224 Ether, $121 million in Tether, 40,285 Binance tokens, and over 10 million Circle's USD Coin.

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