US Treasury Transfers $300 Million in Bitcoin From Coinbase

Published: reported that the US government seized $1 billion worth of bitcoin from a Silk Road hacker in March this year. The total assets, worth 49,000 bitcoins at the time, are now worth roughly $1.5 billion with the BTC price hovering around $30,000.

In the last 24 hours, the US government transferred 9,825 bitcoins, worth $298.7 million, to a variety of addresses. Out of these, 1,625 coins were sent to two new wallets while 8,200 tokens were divided into eight whale wallets in 101 transactions. Interestingly, most of these transactions consisted of 79.2 bitcoins each.

On-chain data showed that the whales’ addresses had been inactive for the past two years. The remaining 39,175 bitcoins were moved to different addresses, including Coinbase (NASDAQ:COIN).

The BTC price dropped by 1.3% in the same period, with a one-day high of $30,959. At the time of writing, the asset’s 24-hour trading volume had spiked to $14.5 billion, marking a 22% rise.

A July 12 report revealed that bitcoin investors have been turning to self-custodial wallets as the total number of BTC on exchanges hit a five-year low.

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