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US Department of Justice Wallet Transfers $131M Worth of BTC to Coinbase Prime

US Department of Justice transfers $131M worth of BTC to Coinbase Prime. What does this mean for the crypto market? Find out more.

  • A wallet linked to the United States Department of Justice transferred $131.27 million worth of Bitcoin (BTC) to Coinbase Prime.
  • Blockchain analyst ZachXBT reported the movement, noting a small test transaction followed by the transfer of approximately 2,000 BTC.
  • The majority of the $2 billion held by the US government in Bitcoin remains untouched, according to transaction data.
  • This activity may be related to the government’s previous announcement of selling seized BTC, sparking speculation among Bitcoiners.

A wallet affiliated with the United States Department of Justice recently initiated a significant transfer of Bitcoin (BTC) funds, drawing attention from the crypto community. This movement, totaling $131.27 million worth of BTC, was directed towards Coinbase Prime, as observed by blockchain analysts.

US DOJ Wallet Transfers $131M to Coinbase Prime:

Blockchain data unveiled a noteworthy transaction on Tuesday morning, as a wallet associated with the United States Department of Justice executed a transfer of approximately 2,000 BTC, valued at $131.27 million, to Coinbase Prime. This action, detected by pseudonymous blockchain analyst ZachXBT, follows a preliminary test transaction of 0.001 BTC.

Arkham Intelligence, a blockchain data tracking platform, confirmed the movement to Coinbase Prime, shedding light on the US government’s involvement in cryptocurrency holdings. Despite this transfer, the bulk of the $2 billion in Bitcoin held by the government remains untouched, according to current transaction data.

Observers speculate that these movements could be linked to the government’s earlier announcement regarding the sale of seized BTC. In January, authorities unveiled plans to sell 2,933 BTC, inviting non-defendants to claim an interest in the cryptocurrency within a 60-day window. This recent activity may signify progress towards that anticipated sale.

The crypto community closely monitors significant BTC transfers, particularly those involving prominent entities like the US Department of Justice. Past instances of such movements have influenced market sentiment, with anticipation of potential sell-offs contributing to downward price pressure on Bitcoin.

SourceDecrypt

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