This has been prompted by the recent blog post by PeckShield that highlighted a transaction in which a wallet linked to the U.S. government moved 237 Bitcoins, worth $13.7 million, to a new address. The screenshot from PeckShield provided below supports the details of the transaction.
PeckShield provided details of a $13.7 million Bitcoin transaction from a wallet seized by the U.S. government to a different address, with no official declaration from the U.S. police authorities.
The U. S. Government Transfers Seized BTC
The US government has engaged in a number of Bitcoin transactions in the last few months after it attained the power to deal with seized BTCs.
The transactions have raised eyebrows among analysts and traders who are convinced that transferring BTC to exchanges may affect the price of Bitcoin. People noted that the value of Bitcoin fell in April after the U. S. government moved BTC worth $2 billion.
On June 26th, the U. S. government sold 3,940 Bitcoins worth $243 million and placed it in Coinbase. These transactions were watched by Arkham Intelligence analysts, as well as by Zachxbt.
They all emerged from the assets previously belonging to narcotics dealer Banmeet Singh, who pleaded guilty on January 26th to money laundering conspiracy and intent to distribute controlled substances.
The US government is said to possess over 210,00 BTC and this is worth $13.00 billion, with transfers reflecting a deliberate decrease in its crypto balance, according to the crypto community.
The U. S. and German Governments Perform Coordinated BTC Transactions
It is worth mentioning that the recent transfers made by the U. S. government, outlined by PeckShield, resemble the actions of the German government.
According to the data collected by Arkham, German authorities have sent 3,000 BTC to several addresses, several of which have been exchanged.
It was also reported that the German government moved about $17.6 million worth of BTC to its addresses on different exchanges on July 2nd, which amounts to more than $300 million worth of BTC sent to multiple addresses.
Currently, trading below $55,000, and in connection with ongoing market liquidations, crypto traders are now observing the transactions of the U. S. and German governments.
