The U.S. government has reportedly moved approximately 10,000 Silk Road-linked Bitcoin, valued at around $593.9 million, to Coinbase Prime, a platform typically used by institutional investors for trading and custody services.
On-Chain data shows, 9999.99 bitcoins were transferred to the address that is connected to Coinbase. As of now the price of Bitcoin is below 60,000, which has dropped around 4% in the last 24 hours.
It was recently reported that Coinbase Prime has been chosen by the U.S. Marshals Service to offer custody and sophisticated trading services for its portfolio of large-cap digital assets. This collaboration suggests that the US government is now keeping the Bitcoin transferred to Coinbase Prime safe under Coinbase’s control rather than selling it.
This transfer aligns with previous actions by the U.S. government that transferred over $240 million worth of seized Bitcoin to a Coinbase Prime address in June.
However, the current move suggests a focus on secure custody rather than immediate sale. Market watchers are closely monitoring the situation for any further developments.
Further, the movement of such a significant amount of Bitcoin has sparked speculation within the cryptocurrency community. However, this transfer is part of the government’s strategic approach to managing its digital asset holdings securely, reflecting growing trust in Coinbase Prime’s capabilities.
Also Read: US Gov. Moves $2B Silk Road Bitcoin, Price Drops Below $67K
