US Government Executes Nearly $1 Billion Bitcoin Transfer, Here’s What To Know

As the price of Bitcoin continues to rally, the digital asset has witnessed significant movements within the crypto market, recording substantial whale transactions in the past few days.

Massive Bitcoin Transfer By The US Government

Bitcoin whales are on the move again, as recent reports have revealed multiple massive transactions executed by the United States Government. Well-known blockchain analytics firm Arkham Intelligence detected the large moves made by the government less than 24 hours ago.

According to Arkham Intelligence, the US government recently moved about 15,085 BTC, which is valued at approximately $923 million. Data from the analytics platform shows that the government moved the aforementioned BTC from two separate wallet addresses.

Specifically, these two wallet addresses contained funds that were seized by the government from Bitfinex in 2016 after the crypto exchange was hacked. The intelligence platform reported that the whale transactions were carried out in four distinct transfers in less than one day.

Based on the current market price of Bitcoin, the overall amount of BTC transferred from the first wallet was $172.80 million, while the second wallet was about $750 million, making the total value of assets transferred approximately $923 million.

As of right now, the US government’s Bitcoin holdings stand at over 200,000 BTC, valued at $12.50 billion, according to the analytics company. Ethereum is observed as the second-largest asset owned by the authority, with over 56,000 ETH. 

The government’s portfolio still boasts other notable cryptocurrency assets like AUSDC, USDC, and DAI, among others. So far, Arkham shows that the government now possesses an astounding $12.73 billion worth of crypto holdings in its openly accessible wallet.

A National Government Might Be Accumating BTC

Whistleblower Edward Snowden has made a shocking prediction that has gained significant attention in the crypto space. Edward Snowden has revealed a potential BTC accumulation by “a national government” on the social media platform X (formerly Twitter).

Snowden stated that within the year, “a national authority would be disclosed to have been acquiring Bitcoin” for quite some time. He further claimed that the federal power will be utilizing BTC in place of conventional gold reserves.

Nonetheless, Snowden did not highlight which national government is responsible for this action in his X post, leaving members of the crypto community wondering which nation it is. 

Featured image from iStock, chart from Tradingview.com