The massive bitcoin transfer by the US government

On July 29, 2024, the US government transferred nearly 28,000 BTC, worth approximately 2 billion dollars, to unidentified recipients. This transaction was detected by Arkham Intelligence, which linked the transferred BTC to funds seized by the US Department of Justice in 2020. These funds came from the defunct dark web marketplace, Silk Road.

Shortly after the initial transfer, the US government redistributed the bitcoins by sending about 19,800 BTC to one address and 10,000 BTC to another. Arkham Intelligence interprets this action as an institutional deposit, indicating strategic management of the seized assets.

The market repercussions were not long in coming. Right after the announcement of this transfer, the price of bitcoin fell, dropping below 66,000 dollars. Currently, the crypto asset is trading just above this threshold.