The U.S. government has been revealed to be holding more than $6 billion worth of Bitcoin in custody on-chain, seized from three separate incidents, according to a recent tweet by Arkham.
The bitcoins were seized from Silk Road in 2020, Bitfinex hackers in 2022, and Silk Road hacker James Zhong in 2022.
The government plans to sell the seized BTC in batches starting in 2023, with 9,861 BTC already sent to Coinbase for liquidation.
However, the current structure of Bitcoin on the 1-hour chart shows an uncertain future, with the market undergoing complex fluctuations and patience recommended.
On the daily chart, there is a chance of a three-buy as long as Bitcoin does not fall below $29,000, but the market is expected to remain in a complex and volatile state.
Also Read: DOJ Seizes $112 Million Associated with Crypto Investment Schemes
