The community is speculating whether the US government is trying to sell Bitcoin (BTC) after a number of confirmed transactions totaling over 9,300 BTC came to light.
Over the years, the US government has confiscated bitcoin from many criminals. In fact, it is often considered one of the biggest bitcoin whales. But since the government has a large supply, the slightest hint of their sale causes panic among the members of the community.
US government transaction of 9,300 Bitcoin
About an hour before press time, the US government initiated transactions of over 9,318.7 BTC from two of its wallets. At the time of writing, transactions are awaiting confirmation.
The government sent about 318.8 BTC from the wallet bc1qmx And about 8,999.9 BTC from Bc1qe7. While two new wallets, 361yog And bc1qpghe earned 8,200 and 1,118.7 BTC respectively.
According to CryptoQuant dashboardBc1qmx has received about 50,000 BTC from US government seizure James Chung. Zhong stole the amount from Silk Road’s illegal online marketplace.
While Bc1qe7 received about 8,999 BTC from another government address on April 3, 2023.
Will the government sell?
The movement of funds led to a discussion if the government plans to sell bitcoin. In March, BeInCrypto reported that the US government wanted to sell 41,500 BTC from Silk Road. You have already sold about 9800 BTC on March 8, 2023.
Commenting on the money move today, Twitter user Fabian D. books:
The amounts sent are divided between two destination addresses
Thinking this makes it more likely that the money movement is for reasons other than selling.”
There was similar chatter about the US government selling Bitcoin on June 21st. But on-chain analyst Ki Young-ju disputed the allegations, citing false labeling of wallets.
So far, there has been little impact on the Bitcoin price. As of this writing, the price is up around 0.64% over the past 24 hours.
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