Summary
- 10,000 Silk Road Bitcoins were sent to Coinbase Prime.
- Two weeks ago, the wallet that now made the move received the funds from a US Government address.
According to the latest reports from Arkham Intelligence, a wallet moved 10,000 Silk Road Bitcoins worth over $590 million to Coinbase Prime.
The wallet bc1ql received the funds from a known US government wallet two weeks ago. The amount of BTC has just been sent on the 33J, a Coinbase Prime deposit wallet, Arkham Intelligence reported.
Arkham also shared the US government’s balance history.
According to the official data, the US government still holds over $12 billion in BTC. Most of the government’s Bitcoin holdings come from law enforcement actions including the Silk Road seized funds.
The US Government seized about 174,000 BTC from the dark web marketplace.
Back in July, the US government transfer of Bitcoin came just after the former US President made various pro-Bitcoin and crypto promises during his speech at The Bitcoin Conference.
Trump said that he would make sure that the US would never sell its BTC reserves again, and that the country would become the crypto capital of the world.
On August 5, Trump reiterated the idea that the government should not sell its BTC during an interview with Adin Ross.
BTC Trades Above $59,000
Regarding Bitcoin’s price today, at the moment BTC is trading above $59,000, down by 3% today.
Earlier today, Bitcoin was trading close to $62,000.
Today, the US seasonally adjusted core CPI MoM came out and it is 0.2%, with an expected value of 0.2% and a previous value of 0.1%.
The CPI YoY is 2.9% with an expected value of 3% and a previous value of 3% as well.
Greeks.live also addressed the matter saying that the US July CPI data was slightly lower than expected, hitting a new low since March 2021. This is believed to push the Fed to cut rates in September.