Is a Massive SellOff on the Horizon as BTC Slips on News of US Transferring 3940 Seized Silk Road Bitcoin to Coinbase

The US government has caused market jitters by moving 3,940 seized Silk Road BTC, worth $240 million, to Coinbase Prime. This comes after previous speculation about the government planning to sell $1.18 billion worth of Bitcoin connected to Silk Road. The BTC was originally seized from narcotics trafficker Banmeet Singh and forfeited at trial in January 2024. The transfer has caused concerns about a potential sell-off, leading to Bitcoin’s price dipping below $61K. Yahoo Finance reported that the US government has been actively seizing and moving Bitcoin related to Silk Road, with the latest significant transfer occurring on April 2, 2024, when $2 billion worth of Bitcoin was moved. These movements have had a notable impact on Bitcoin’s price, causing it to drop to a low of $60,800. However, there has been a slight positive trend in the BTC price following this new development. The market is now waiting to see if a massive sell-off of the seized Bitcoin is on the horizon.