Does this have anything to do with the mounting pressure on Bitcoin's price for the moment?
The wallet is connected to US government law enforcement. 40,000 BTC have just been moved. I wonder why they didn't empty the wallet and left 825 BTC in it? That's a bit weird. It's a good question how many BTC the government still has as I am not sure whether they would announce every single BTC seizure publicly. They do announce the big ones for sure as they draw a lot of public attention anyway, but I guess they are sitting on quite some more.
The wallet is connected to US government law enforcement. 40,000 BTC have just been moved. I wonder why they didn't empty the wallet and left 825 BTC in it? That's a bit weird. It's a good question how many BTC the government still has as I am not sure whether they would announce every single BTC seizure publicly. They do announce the big ones for sure as they draw a lot of public attention anyway, but I guess they are sitting on quite some more.
They left 125.6K of their holdings after sending 9.8K to Coinbase, the 825 BTC balance is just one of many addresses, probably not that relevant.
There's a 40K transaction but 30K looks like a change address (not Coinbase and remains unsepnt).
Probably just paid Coinbase $200m for some dodgy blockchain analysis or something
https://beincrypto.com/us-gov-law-enforcement-wallet-moves-millions-bitcoin-will-sell/
For anyone slightly interested, Coinbase broke these up mainly into 10 BTC increments as well as some 476 BTC increments:
They initially broke them down into 100x 93 BTC increments (excluding one 476 increment - a 4.85% fee if I had to guess), while merging them into batches of 16.
Then down into increments of roughly 130x 10 BTC as well as 16x (ish) 476 BTC increments, which also remain unspent. That's roughly 9K unspent as far as I can tell.
The square dots are unspent transactions, the blue are spent, some are small 4 BTC amounts. Otherwise all very precisely calculated!
On the face of it, nothing much has happened with these coins so far, so not convinced there's much selling pressure from this batch.
Unless someone wanted to buy 9K BTC in increments of 10 and 476 via OTC, then it's already been sold.
Edit: Had to correct the math on that a bit
