Following a sale of approximately 9,800 BTC earlier this month, the United States government intends to sell a further 41,490 BTC related to the Silk Road case in four batches throughout 2023.
On-chain data revealed that the government transferred 9,826 on March 8, 2023, worth roughly $217 million, to Coinbase, and 39,175 Bitcoin to two other addresses. Data from analytics firm CryptoQuant suggested that the sales caused the price of Bitcoin to fall.
Did the US government provide fuel for the price drop? ??
"Shortly after the transaction was executed, COINBASE Premium started to become strongly negative."
https://t.co/BxAYxNx3zspic.twitter.com/ufWo614kfh
— CryptoQuant.com (@cryptoquant_com) March 10, 2023
The Bitcoin comes from assets by the U.S. government in connection with an inter-agencycrackdown on Silk Road, a darknet marketplace started by Ross Ulbricht. According to a court filing, authorities seized roughly 51,351 BTC related to the case.
This is a developing story.
