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 property change Coinbase. As per Arkham Intelligence agency, just one,999.999 BTC have been spent within the transaction, leaving the remaining 29,799.99012413 BTC unspent.
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 overall BTC provide.
This sale aligns with the federal government’s ongoing technique of steadily offloading seized BTC holdings, based on CryptoQuant knowledge. Notably, in March 2023, roughly 10,000 BTC have been offered at a time when BTC was buying and selling at round $21,500. This sale almost coincided with a neighborhood worth 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 improvement 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 submit Knowledge reveals US authorities typically sells on the native lows out there appeared first on CryptoSlate.
