In the early hours of March 8, the US law enforcement organization moved more than 40,000 Bitcoin, according to Glassnode.
On-chain data shows that the US law enforcement organization transferred 49,000 Bitcoin (BTC), worth over $1 billion, in the early hours of March 8.
The US agency was reportedly moving around 40,000 BTC, according to on-chain data provider Glassnode, who also noted that the transactions appeared to be internal transfers. It did point out that the government agency sent 9,861 BTC (worth $219 million) to Coinbase after it had been confiscated from the Silk Road hacker.
The US government requested the forfeiture of 51,351 Bitcoin that had been taken from James Zhong in 2022. The assets were worth more than $3 billion at the time.
Lookonchain, an on-chain analyst, confirmed Glassnode’s assertion and added that the organization moved 39,175 BTC ($867M) to 2 new addresses.
US govt BTC holding
Before today’s transactions, Glassnode said the US government’s estimated Bitcoin holding was 144,500 BTC, making the country a crypto whale
Meanwhile, seizures were used to make up the majority of US acquisitions. The Bitfinex hack from 2016 resulted in the US Department of Justice seizing Bitcoin valued at $3.6 billion in 2022. Before that, when it shut down the Silk Road, the government confiscated 70,000 BTC from Ross Ulbricht.
However, the nation frequently sells off its seized cryptocurrency assets. The US government held $4.08 billion worth of Bitcoin as of February 2022.
Bitcoin sheds 2% in 24 hours
Bitcoin dumped 1.67% over the last 24 hours to trade at $22,048 as of press time.
The US agency transfers birthed speculations within the community, with many fearing a sell-off. Usually, BTC inflows into exchanges increase the selling pressure on the asset.
With BTC giving up much of its January and February gains, Glassnode’s data showed that the number of addresses holding BTC at a Loss on the seven days moving average metrics reached a 1-month high of 15,270,797.429.