• Massive U.S. government Bitcoin transfers are fueling fears of a BTC price drop to $49,000.
  • Coinbase Prime is the latest recipient of nearly $600M in Bitcoin, potentially impacting the crypto market.

In line with the recent CNF update on the Silk Road guilty plea in the 8,100 Bitcoin seizure case, and the strengthening position of Chainlink as a contender in the crypto arena, a substantial transfer of 10,000 BTC, worth nearly $600 million, has been moved to a Coinbase Prime wallet, according to a recent update from Arkham Intelligence.

This transfer follows an earlier move where a wallet linked to the U.S. Department of Justice sent approximately $2 billion in confiscated Bitcoin, likely from the Silk Road dark web market, to an unidentified wallet. The transaction to Coinbase Prime is particularly notable as it involves significant assets from a known U.S. government wallet.

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Currently, Bitcoin (BTC) is priced at $58,460.56, with a decrease of 4.93% in the past day and 1.64% in the past week.

Is a BTC Crash to $49,000 Looming?

As we predicted earlier, the U.S. government has transferred $2 billion in Bitcoin from the Silk Road stash—raising questions about whether a $65,000 or $70,000 BTC price will be next. In April, a separate instance saw a wallet with over 30,000 Bitcoin perform a test transaction of 0.001 BTC to another Coinbase Prime wallet.

This comes in the wake of a U.S. appeals court’s decision at the end of 2023, which finalized the forfeiture of nearly 70,000 BTC and other cryptocurrencies tied to Silk Road. While these large transactions highlight ongoing interest in Bitcoin, they also fuel speculation about whether a significant BTC price drop to $49,000 might be looming.