The US government recently transferred a large amount of Bitcoin amid the cryptocurrency's decline. This development sparked speculation about a possible new sell-off in the cryptocurrency market. The transaction, which included 237 Bitcoin worth approximately $14 million, was executed. From a government wallet containing funds seized from Estonian cryptocurrency entrepreneurs involved in a major fraud scheme.
Bitcoin movement for the US government
According to Arkham Intelligence. A US government wallet transferred 237 Bitcoin (worth approximately $13.67 million) to another address. These funds were originally seized from Estonian cryptocurrency entrepreneurs Sergei Potapenko and Ivan Turogen. who were involved in a large-scale cryptocurrency fraud scheme. The pair allegedly deceived investors with promises of high returns from cryptocurrency mining operations and related projects.
This transfer is followed by a smaller movement of 11.84 BTC (worth approximately $726,000 USD) to a new address. Which some analysts consider a test transaction before a larger transfer. It is worth noting that the US government had previously transferred 4,000 bitcoins to Coinbase Prime. In conjunction with a noticeable decline in the price of Bitcoin.
In a parallel development, the German government liquidated 1,300 bitcoins (worth approximately $76 million) on major cryptocurrency trading platforms on the same day. This sale was preceded by Bitcoin's price falling below $58,000. Which increased concerns about market stability.
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