Following a sale of approximately 9,800 BTC earlier this month, the United States government intends to sell a further 41,490 BTC related to the Silk Road case in four batches throughout 2023.

On-chain data revealed that the government transferred 9,826 Bitcoin on March 8, 2023, worth roughly $217 million, to Coinbase, and 39,175 Bitcoin to two other addresses. Also, data from analytics firm CryptoQuant suggested that the sales caused the price of Bitcoin to fall.

The Bitcoin comes from assets seized by the U.S. government in connection with an inter-agency crackdown on Silk Road, a darknet marketplace started by Ross Ulbricht.  However, according to a court filing, authorities seized roughly 51,351 BTC related to the case.

The planned method of dispensing seized Bitcoin was revealed in a court filing surrounding the sentencing of James Zhong, who pleaded guilty in Nov. 2022 to stealing about 50,000 BTC from the darknet marketplace, Silk Road.

Government Dump Caused 10% Price Drop, Says Commentator

According to the filing, the government sold 9,861 Bitcoin for $215 million on March 14, 2023. Furthermore, during this calendar year, it will sell the remaining 41,490 Bitcoin in four batches. 

One commentator suggested that the sale of 9,800 Bitcoin caused its price to fall 10% before retracing a few days later.

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Author: David Thomas

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