Summary
TLDR: The Department of Justice moved some of its $2 billion in Bitcoin to a Coinbase address, potentially for a sale. This is part of the government’s practice of moving and selling seized Bitcoin from criminals. Previous movements have caused the Bitcoin price to drop as observers anticipate sales.
Key Points
1. The United States Department of Justice moved a portion of its $2 billion worth of Bitcoin to a Coinbase deposit address, with a small test transaction followed by a larger sum of approximately 2,000 BTC.
2. The movement of the funds was tracked by Arkham Intelligence, which showed that the majority of the $2 billion in Bitcoin remains “unspent” as of the latest transaction data, indicating potential future activity with the funds.
3. The federal government holds Bitcoin that has been seized from criminal activities, and sometimes these funds are moved in preparation for potential sales, such as the announced plan to sell 2,933 BTC back in January. These movements can impact the price of Bitcoin as observers anticipate potential sell-offs.