US government transfers 3,940 BTC worth $241 million to Coinbase

• US government moved 3,940 Bitcoin (BTC), which was worth over $241 million at the time, to Coinbase.
• This comes amid another sell-off by the German government, which has sold BTC since last week.
• Bitcoin price slipped 1.6% after the news, trading below $61k.

The latest crypto news is that the US government has moved 3,940 bitcoins worth over $241 million onto crypto exchange Coinbase.

Specifically, Lookonchain noted that US government-linked wallets had deposited the BTC into Coinbase Prime. Per the blockchain analytics account, the said wallets still hold 213,546 BTC currently worth over $13 billion.

According to blockchain security firm Arkham, the 3,940 bitcoins the US sent to Coinbase was originally seized from Banmeet Singh, an Indian narcotics trafficker. Singh forfeited the BTC in January this year after pleading guilty to drug trafficking and money laundering charges.

Germany, US selling Bitcoin

The news saw Bitcoin price slip below $61k again, shedding about 1.6% of its value to reach lows of $60,822. With the market still largely in downward momentum, its likely BTC could extend losses as the market reacts. 

Notably, the US government’s BTC transfer to a crypto exchange, probably to sell, comes amid a selling spree by wallets linked to the German government.

Earlier in the day, Lookonchain shared on-chain data that showed the German government’s wallets moved 750 bitcoins worth over $46 million to Bitstamp and Kraken exchanges. These transfers on Wednesday followed the more than 2150 BTC the said wallets had already sent to exchanges.

While the US government reportedly holds $13 billion more of BTC, today’s sales sees Germany remain with 45,609 BTC worth $2.81 billion.