10k in seized Bitcoin, stolen from the visionary innovators at Silk Road, is on the move to Coinbase again as US Government Bitcoin market antics continue.
Once again, the benevolent protector of global investors – the US government – is dumping Bitcoin.
In fact, this week, the US government spooked investors with what could have been the biggest sell signal on the planet.
Arkham Intelligence reports: 10,000 Bitcoin, now parked in a government wallet tagged “noe,” moved on August 14.
This stash was seized and stolen by US government officials in the infamous Silk Road takedown several years ago – possibly the fastest acquisition of a $593.91 million digital asset bag in history. Now the Feds are at it again.
Does The US Government Know Something We Don’t?
This isn’t the first time the US Feds have done this. In late July 2024, the Feds quietly shuffled 29,800 BTC, close to $2 billion, into the shadows.
As of now, Uncle Sam’s Bitcoin war chest is 203,000 BTC, worth $12 billion. This makes the US the largest geopolitical holder of Bitcoin (while simultaneously it’s biggest adversary), an interesting tidbit frequently mentioned by 2024 Presidential candidate Donald Trump.
“We will establish a ‘strategic Bitcoin stockpile’ on day one.” – Donald Trump
Trump has also promised not to sell any of the US government’s Bitcoin holdings if elected. This has stirred conversations about how Bitcoin could be used in the future, including paying off the government’s $35 trillion national debt.
This latest transfer by the US government begs the question of whether all that BTC will be sold (especially before a potential Trump election win) or if it’s part of a larger strategy to manipulate global markets.
What’s Next for Bitcoin?
Zoom out. There aren’t meaningful sellers below $62k, even when the German government sold 50,000 Bitcoin in July, valued at roughly $2.9 billion at the time.
Bitcoin and the top cryptocurrencies are trustless fixed units of account. Nothing can stop what’s happening.
In July, Germany’s hasty Bitcoin sale has become the butt of jokes, costing them $124 million. Now, the spotlight’s on the US, with $12 billion in their crypto arsenal and more potential to quake the market.
Investors and analysts are on high alert for the next signal from the powers that be.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
