Silk Road Bitcoin moved by US Government On-Chain

Big news just broke yesterday regarding the US government and Silk Road Bitcoin! Here’s a summary:

US government moved a significant amount of Bitcoin linked to Silk Road: On-chain data suggests the government transferred roughly 30,174 Bitcoin, valued at around $2 billion.
Potential sale on the horizon: This movement follows a smaller test transaction in March 2024, which some analysts believe is a sign the government is preparing to sell these Bitcoins.
Impact on Bitcoin price: The news caused a slight dip in the Bitcoin price, possibly due to concerns about increased supply in the market.

This isn’t the first time the US government has sold Silk Road Bitcoin. They previously sold 9,861 Bitcoins in March 2023.

Here are some additional details you might find interesting:

The total amount of Bitcoin seized from Silk Road was 69,730.
There are talks of selling the remaining Bitcoin in tranches throughout 2024.
James Zhong, an early user of Silk Road, recently pled guilty to fraud charges and surrendered over 1,000 Bitcoin obtained through the platform.