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Fast Take
On Apr. 2, CryptoSlate reported that the US authorities offered 1,999 Bitcoin (BTC), valued at roughly $130 million, from a pockets related to Silk Street to the digital belongings alternate Coinbase. As per Arkham Intelligence agency, just one,999.999 BTC had been spent within the transaction, leaving the remaining 29,799.99012413 BTC unspent.
![US Government Transaction Explorer: (Source: Arkham Intelligence)](https://cryptoslate.com/wp-content/uploads/2024/04/spent.png)
The latest transaction lowered the US authorities’s seized BTC stability from 210,800 BTC to 208,800 BTC, as per CryptoQuant knowledge. Consequently, the federal government now holds lower than 1% of the whole BTC provide.
![US Government Seized Bitcoin Balance and Balance Change: (Source: CryptoQuant)](https://cryptoslate.com/wp-content/uploads/2024/04/US-Government-Seized-Bitcoin-Balance-and-Balance-Change-1024x645.jpg)
This sale aligns with the federal government’s ongoing technique of progressively offloading seized BTC holdings, in accordance with CryptoQuant knowledge. Notably, in March 2023, roughly 10,000 BTC had been offered at a time when BTC was buying and selling at round $21,500. This sale practically coincided with an area value backside, which dipped to round $20,000 throughout the SVB collapse. One other vital sale of roughly 8,200 BTC occurred on July 12, 2023, with Bitcoin buying and selling at round $30,000.
This growth bears similarities to when the UK authorities offered over half of its gold reserves in 1999 at roughly $270 per ounce. This transfer coincided with a cyclical backside earlier than gold launched into a multi-year bull run.
The put up Information reveals US authorities usually sells on the native lows out there appeared first on CryptoSlate.
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