Coinbase Moves $593.5M Worth of Silk Road Bitcoins, But Bitcoin Price Stays Strong

According to data provided by blockchain analytics platform Arkham Intelligence, $593.5 million worth of Silk Road-related Bitcoins have been moved to the Coinbase exchange.

A recent chain of events has seen the U.S. government move $593.5 million worth of Silk Road-related Bitcoins to the Coinbase exchange, according to data obtained by blockchain analytics platform Arkham Intelligence.

This news follows a previous report by U.Today, which indicated that the price of Bitcoin took a hit after the government transferred nearly $2 billion worth of BTC to exchanges. However, it was later revealed that these coins were merely being moved for safekeeping.

In early July, the leading U.S. cryptocurrency exchange sealed a high-profile partnership with the United States Marshals Service, making it the first law enforcement agency in the country to join the Coinbase Institutional Network.

This collaboration is aimed at having Coinbase Prime handle the custody of the government's confiscated coins, offering a secure and efficient solution for managing these substantial crypto assets.

At the time of writing, the price of Bitcoin appears to be largely unaffected by this latest transfer, with the world’s flagship cryptocurrency currently trading at $59,216.

Meanwhile, the U.S. government remains the top holder of Bitcoin among world governments, according to data from Bitcoin Treasuries. A significant portion of these coins are reportedly derived from Silk Road, the defunct dark web marketplace.

In February 2022, the U.S. government announced the recovery of a large cache of coins stolen from the Bitfinex exchange in 2016.

Typically, the U.S. Marshals Service auctions off the coins that it seizes. Notably, venture capitalist Tim Draper was the sole winning bidder in one of these auctions, which was conducted back in July 2014.

Apart from the U.S., China and the U.K. are also among the top Bitcoin holders. However, Germany was recently removed from this list after one of its states, Saxony, sold off all of its confiscated coins earlier this year, putting significant selling pressure on the market.

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