According to onchain data, a Department of Justice (DOJ) labeled bitcoin wallet transferred 29,799.99 BTC, valued at just over $2 billion. This move by the U.S. government follows Germany’s sale of its bitcoin and a growing belief among U.S. politicians that seized coins should be held as reserves.
US Government Transfers $2 Billion in Bitcoin to Unknown Wallet
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DOJ-Labeled Wallet Transfers More Than 29,000 Bitcoins
Shortly after former U.S. President Donald Trump asserted that his administration would retain confiscated bitcoin, the DOJ moved 29,799.99 BTC to an unknown Pay-to-Witness-Public-Key-Hash (P2WPKH) wallet.
Valued at $2 billion, this transfer coincided with the BTC price dropping below the $67K mark. The U.S. government incurred a fee of 977 sats per virtual byte, amounting to approximately $0.67.
This is the first action taken after Harris “reset with bitcoin and crypto”.
When someone shows you who they are, believe them. ⤵️ https://t.co/viISTWUwXS
— Cynthia Lummis 🦬 (@CynthiaMLummis) July 29, 2024
The transfer of 29,799.99 BTC was confirmed at block height 854,525. The U.S. government wallet still holds 183,439 BTC, worth over $12 billion according to Arkham Intelligence data.
The wallet’s previous activity was on July 22, when it moved 58.74 BTC, valued at just under $4 million, to Coinbase, an event that went largely unnoticed in the industry.
Prior to that, on July 4, 249.43 BTC exited the wallet. These earlier transactions were overshadowed by the Mt Gox transfers and Germany’s final BTC sales. Presently, at 1:30 p.m. EDT on Monday, following the movement, BTC is under the $67K range and reached an intraday low of $66,445.
What do you think about the DOJ moving $2 billion in bitcoin on Monday? Share your thoughts and opinions about this subject in the comments section below.
