Fast Take
On Apr. 2, CryptoSlate reported that the US authorities bought 1,999 Bitcoin (BTC), valued at roughly $130 million, from a pockets related to Silk Street to the digital property change Coinbase. As per Arkham Intelligence agency, only one,999.999 BTC had been spent within the transaction, leaving the remaining 29,799.99012413 BTC unspent.
The latest transaction lowered the US authorities’s seized BTC steadiness 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.
This sale aligns with the federal government’s ongoing technique of regularly offloading seized BTC holdings, in response to CryptoQuant knowledge. Notably, in March 2023, roughly 10,000 BTC had been bought 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 through 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 improvement bears similarities to when the UK authorities bought 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.
