Cryptocurrency wallets associated with the US Department of Justice (DOJ) moved On July 12, in a series of transactions, approximately 9,825.25 bitcoins, worth approximately $299 million, were traded.

It’s unclear whether the transactions appear to have ended up spreading to at least 101 new wallets, were sent to exchange addresses for sale, or remained in the custody of the Justice Department.

Department of Justice bitcoin transactions.Source: Screenshot from Blockchain.com

Initially, approximately 9,825 bitcoins (BTC) associated with the Silk Road seizure were transferred to three addresses in a pair of transactions around 1:00 PM UTC. Most of the tokens (8,200 BTC worth nearly $250 million as of the time of publication) were sent to an address, which was subsequently sent to an address. Split Total amount of 101 unique addresses after more than an hour:

8,200 BTC transaction from wallet received tokens from DOJ.Source: Screenshot from Blockchain.com

The U.S. government has previously revealed that it plans to sell the remaining bitcoins seized by Silk Road in four transactions over the remainder of the year.

related: US Government Plans to Sell 41K Bitcoins Linked to Silk Road

Based on current on-chain data, the U.S. government may test liquidity strategy.An account associated with a bulk transaction made on March 7, 2023 appears to have made a profit The current holding of 30,174.7 BTC unrelated to the July 12 batch is $237,934,919.

However, another account that received 9,825.6 BTC from the DOJ on March 7 distributed the tokens to 101 accounts.The same account was later joined by 599 other accounts send A total of about 0.1 BTC (approximately $3,032 as of this writing) was sent to another account, which then spread its holdings of about 51 BTC across 37 addresses.

~51 BTC transactions from a wallet that received tokens from DOJ.Source: Screenshot from Blockchain.com

While speculation abounds about the exact nature of these transactions, which currently involve some 800-plus wallet addresses, the sheer volume of transactions and associated wallets makes it increasingly difficult to accurately track the U.S. government’s use of each coin. challenging.

This lack of certainty has led some members of the crypto community to worry that BTC is being “nuked” or that a U.S. government-fueled movement for the token will ripple through the entire crypto economy and cause investors to abandon what some see as an early stage. bull market.

other enthusiasts have fired Comments such as unnecessary fear, uncertainty and doubt due to the lack of tidal movement – more than six hours after the transaction was recorded, the market movement of BTC was less than 1%.

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