2 addresses from the US Department of Justice transferred 9,800 Bitcoins on Wednesday 12 January, representing around $300 million. We don’t yet know the purpose of the operation, but the US government said last March that it planned to sell $1.1 billion worth of BTC throughout 2023.
Silk Road’s Bitcoins on the move
Today, 2 Bitcoin addresses identified as belonging to the U.S. Department of Justice transferred 9,800 BTC through 2 different transactions, marking the largest movement of Silk Road-related funds since last March, when the U.S. government transferred more than $1 billion.
Overview of transactions from DOJ
At the time of writing, the 9,220 BTC transaction has received 5 out of 6 confirmations, and the 506 BTC transaction has received only one. The Bitcoins were sent to 2 unknown wallets.
The price of Bitcoin fell briefly following the initiation of the transactions, before quickly recovering to its previous level. It is currently trading at around $30,660. Most of the time, when large-scale transactions take place, the BTC price is shaken up, but that was not the case today.
We do not yet know whether these Bitcoins were transferred with a view to being resold, as may have been the case last March. At the time of the operation, however, the US government stated that it still intended to sell more than $1.1 billion worth of Bitcoin throughout the year.
According to data from Arkham Intelligence, Silk Road-related wallets still hold more than $3 billion worth of BTC.
