According to blockchain analytics firm Lookonchain, US government wallets deposited $241 million in Bitcoin for Coinbase.
According to blockchain analytics firm Lookonchain, US government wallets deposited $241 million in Bitcoin for Coinbase.
Bitcoin price fell back below the $61,000 level following the transfer. However, CryptoQuant CEO Ki Young Ju believes the recent sell-off is unlikely to impact the market.
“Coinbase Prime handled between 20,000 and 49,000 BTC in sell-side liquidity daily during high spot ETF inflows and between 6,000 and 15,000 BTC per day during low spot ETF inflows,” the analyst explained.
Godfrey BenjaminThe United States is the largest owner of Bitcoin among countries around the world, with a fortune of 13 billion dollars.
A large portion of his Bitcoins come from seizures related to the now-defunct dark web marketplace Silk Road and the infamous Bitfinex hack.
It is worth noting that some of the coins seized from the Silk Road were bought by famous venture capitalist Tim Draper in 2014.
Other states with large Bitcoin holdings
In the last two weeks, the German government also dumped more than $200 million worth of the largest cryptocurrency.
Alex DovbnyaThe sell-off added another bearish narrative during a major market correction.
The German government became one of the largest holders of Bitcoin after cracking down on Movie2K, one of the most popular streaming websites among pirates, and confiscating its holdings from one of its former operators in 2014.
China and the UK are also among the largest holders of Bitcoin, with $11.8 billion and $3.7 billion respectively.
In 2020, Chinese authorities confiscated $4 billion in cryptocurrency from the infamous PlusToken Ponzi scheme.
In January, the Metropolitan Police also seized more than £1.4 billion in the largest cryptocurrency derived from a large-scale investment fraud in China.
