• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

US Transfers Nearly $600 Million Worth of Bitcoin to Coinbase

user avatar

by Giorgi Kostiuk

a year ago

  1. US Government Bitcoin Transfer
  2. Purpose of the Coinbase Transfer
  3. Sources of the Bitcoin


    4. The US government transferred 10,000 Bitcoin, worth over $593 million, to a Coinbase Prime deposit wallet.

    US Government Bitcoin Transfer

    According to blockchain analytics firm Arkham Intelligence, the Bitcoin was sent to Coinbase Prime. Despite initial concerns, analysts believe that the sale of these Bitcoins is unlikely.

    Purpose of the Coinbase Transfer

    Last month, the US Department of Justice partnered with Coinbase Prime to safeguard and trade large digital assets. Ryan Lee, chief analyst at Bitget Research, believes that the Bitcoin was likely transferred for safekeeping rather than active trading.

    Sources of the Bitcoin

    The Bitcoin was seized during the Silk Road raid in 2022, when the Department of Justice announced the seizure of 50,000 BTC. Silk Road, operating on the dark net, offered the sale of illicit goods. Its creator, Ross Ulbricht, was arrested in 2013 and is serving two life sentences without parole.

    The US government's transfer of a large amount of Bitcoin to Coinbase suggests an interest in secure storage rather than quick sales, contributing to market stability.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

DeepSnitch AI Pre-Sale Draws Substantial Funding.

chest

DeepSnitch AI has raised nearly 890K in its presale, driven by operational AI agents and promotional codes offering bonuses.

user avatarAyman Ben Youssef

Long-Term Outlook for Bitcoin Remains Strong Despite Recent Volatility

chest

Phong Le emphasizes that recent market corrections should not deter long-term investors from their Bitcoin strategy.

user avatarKofi Adjeman

Key Drivers Supporting Bitcoin's Growth Towards 2026

chest

Phong Le identifies three primary catalysts that could accelerate Bitcoin's adoption and value appreciation leading into 2026.

user avatarTando Nkube

Future Prospects for AI Tokens Amidst Market Challenges

chest

The future for AI tokens depends on overcoming technological and market barriers, with potential for recovery through innovation.

user avatarNguyen Van Long

Nexo Sees 155% Surge in Credit Withdrawals Amid Market Drawdown

chest

Nexo has experienced a significant increase in credit withdrawals, indicating a shift in user behavior towards borrowing rather than selling assets.

user avatarSatoshi Nakamura

Insights on Unrealized Losses in Cryptocurrency Markets

chest

Insights on unrealized losses in cryptocurrency markets highlight the importance of calculated portfolio management strategies for investors.

user avatarLucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.