The U.S. government transferred $600M worth of Bitcoin (BTC) to a wallet associated with Coinbase Prime

This move involved 10,000 Bitcoin and was reported by Arkham Intelligence. It's unclear whether the assets will be sold or held.

The U.S. government has moved nearly $600 million in Bitcoin (BTC), seized from the Silk Road dark web marketplace, to a wallet linked with Coinbase Prime, according to a report by Arkham Intelligence on Friday.

The transaction, involving 10,000 Bitcoin, was highlighted by the crypto analysis firm. It's not immediately clear whether the assets will be sold or held by the exchange.

This large-scale transfer comes after the government shifted approximately $2 billion in Silk Road Bitcoin in late July. As reported, these funds were moved to a new cold wallet address.

Meanwhile, Bitcoin's price has taken a hit amid these transfers and broader market sell-offs. According to CoinMarketCap data, the world’s largest cryptocurrency by market capitalization was trading at around $58,461, showing a 3.9% decrease in the past 24 hours.

Such significant transfers often capture investors' attention, sparking speculation about the potential impact on the market. Last month, the U.S. Marshals Service awarded Coinbase Prime a contract to manage and dispose of large-cap cryptocurrency assets, suggesting the government might be relocating these assets for custody purposes.

The Silk Road marketplace, which was shut down in 2014, played a key role in facilitating illegal transactions using cryptocurrencies like Bitcoin. Over the years, U.S. authorities have sold portions of the seized Bitcoin.

In related news, Donald Trump, the former U.S. president and a Republican candidate for the 2024 presidential election, has proposed a “strategic Bitcoin reserve” if he becomes the next U.S. president.

As part of his campaign, Trump has highlighted his administration's role in auctioning off some of the Bitcoin that was seized from the Silk Road marketplace. According to Trump, his plan involves having the U.S. government hold on to all Bitcoin that it currently owns.

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