50,000 Bitcoin (BTC) value $1 billion United States {dollars} had been moved from a number of wallets associated to U.S. Authorities regulation enforcement seizures and had been transferred to new addresses, and some had been moved to Coinbase on March 8. 

In response to data shared by on-chain analytics agency PackShield, there have been three transfers constructed from the U.S. regulation enforcement companies’ wallets. These wallets held practically 51,000 BTC seized by U.S. companies from the Silk Highway market in November 2021. The confiscated BTC was consolidated in two pockets addresses: bc1q5s…0ch and bc1q2ra…cx7.

Silk Highway Bitcoin moved to a few totally different addresses. Supply: Twitter

Out of those three transfers, the bulk seem like inner transfers. Nonetheless, roughly 9,861 BTC was despatched to Coinbase. The opposite two transfers embody a 30,000 BTC switch to an tackle beginning with bc1q… and a 9,000 BTC switch to an tackle beginning with bc1qe7….

Silk Highway BTC despatched to Coinbase. Supply: Glassnode

Silk Highway was an internet black market and the primary trendy darknet market. It was launched in 2011 by its American founder Ross Ulbricht below the pseudonym “Dread Pirate Roberts.” {The marketplace} was one of many first to simply accept Bitcoin funds and even popularised crypto use at its time. The U.S. regulation enforcement companies confiscated a number of gadgets from its founder, together with hoards of BTC which have been auctioned infrequently and as early as 2014.

Associated: Key Bitcoin price metrics point to BTC downside below $22.5K

Widespread Bitcoin proponent Tim Draper bought nearly 30,000 BTC in 2014 from one in every of these auctions. One other public sale for 50,000 BTC was held in October 2015, the place the U.S. Marshall Providers auctioned 21 blocks of two,000 BTC and one block of two,341 in an internet public sale.

Whereas solely a small portion of the 50,000 BTC was despatched to Coinbase, The motion of billions value of BTC from U.S enforcement agency-linked wallets evoked wild reactions and even wilder theories. A consumer pointed out that if the U.S. companies determined to promote their Silk Highway Bitcoin, it will put important promoting stress available on the market. On the identical time, a number of others questioned the timing of the sale.