The U.S. government has transferred $75 million worth of Bitcoin (BTC) to a new wallet. The transaction involved 667.6 BTC sent to an address having no history of activity. Even after the transfer, the U.S. government still holds about 197,000 Bitcoin, worth more than $22 billion.
Data from Arkham Intelligence shows that the transfer took place on October 14, 9:11 UTC. Prior to sending the full amount, the government first sent a test transaction of 0.001 BTC and then sent the full amount in the second transaction.Â
Back in December, blockchain records showed the U.S. government moved a huge batch of 19,800 Bitcoin worth about $1.9 billion at the time, to a Coinbase Prime wallet. These funds came from assets seized in the Silk Road case. The Silk Road case refers to the investigation into a dark web marketplace created and operated by Ross Ulbricht. Over the years, the government has built up a large stash of confiscated crypto, now estimated at around $15 billion to $20 billion, according to Treasury Secretary Scott Bessent.
Moreover, the recent transfer comes after the U.S. President Donald Trump’s March executive order to create a strategic Bitcoin reserve. The plan uses crypto assets seized from criminal cases and treats them as part of the country’s economic reserves—much like gold or foreign currency holdings.
Global push toward crypto reserves
Other nations are also exploring almost similar initiatives. Countries like El Salvador, Bhutan, Sweden, and the Czech Republic have either set up or discussed creating national crypto reserves. In the U.K., police seized 61,000 Bitcoin from a house in West London back in 2018, now worth nearly $7 billion.
The wider crypto market has been unstable lately, which could also be a reason behind the transfer. A sudden flash crash erased nearly $19 billion in leveraged positions, hitting more than 1.6 million traders. The drop came after President Trump hinted at new tariffs on Chinese imports, which sparked panic selling across risky assets like tech stocks and crypto.Â
According to CoinMarketCap, Bitcoin is currently trading at about $110,636, down nearly 4% in the last 24 hours. However, trading activity is still high, with over $72 billion.
The U.S. government’s recent Bitcoin transfers have people watching closely, as they could hint at bigger policy changes ahead. With crypto markets on edge, how governments choose to handle their digital assets might sway prices and investor confidence.
Also Read: California Signs Bill to Protect Unclaimed Crypto from Liquidation
