Silk Road Bitcoin (BTC) Stash May Be Unwound as US Government Negotiates or Sells Coins

Bitcoin (BTC) may feel additional pressure from Silk Road's potential unwinding of its wallet. For now, there are no direct signs of selling, but the coin's specific segregated wallet raises suspicions.

The potential sale of Bitcoin (BTC) by the US government is a hot topic in the crypto community, especially after BTC slid below the $58,000 level. Several wallets are being monitored closely for any signs of selling.

The US government has a large stash of BTC that was confiscated from Silk Road, and there are suspicions that the government may be selling some of this BTC to cover the costs of the upcoming government shutdown. However, there are no direct signs of selling yet.

One Reddit user pointed out a 10K BTC deposit to Coinbase Prime, which is the first significant transaction from US government vaults into an exchange wallet. Arkham connected the transaction to a specifically segregated Silk Road coin stash. But it’s still uncertain if the coins have been sold or if they are being held in custody for another liquidation step.

In total, the US government wallets hold 1.03% of the total BTC supply, or 203,239 BTC. The wallet is similar in clout to big exchanges or other significant reserves. The biggest worry is that the US government may choose a moment of bearish sentiment and further depress the price.

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