A cryptocurrency pockets related to the US Division of Justice (DOJ) moved roughly 9,825.25 Bitcoin price round $299 million in a collection of transactions on July 12. 

It’s unclear presently whether or not the transactions, which seem to have finally propagated to no less than 101 new wallets, have been despatched to change addresses on the market or stay within the custody of the Justice Division.

DOJ Bitcoin transactions. Supply: Screenshot by way of Blockchain.com

Initially, roughly 9,825 of the Bitcoin (BTC) related to the Silk Highway seizure moved in a pair of transactions despatched to 3 addresses at round 1:00 pm UTC. The majority of the cash — 8,200 BTC price almost $250 million as of the time of this text’s publication — have been despatched to a single tackle, which subsequently cut up the whole quantity throughout 101 separate addresses just a little over an hour later:

An 8,200 BTC transaction from a pockets that acquired cash originating from the DOJ. Supply: Screenshot by way of Blockchain.com

The U.S. authorities beforehand revealed that it had plans to dump the remainder of its BTC from the Silk Highway seizure over the course of 4 batch transactions all through the rest of the calendar yr.

Associated: US authorities plans to promote 41K Bitcoin linked to Silk Highway

In accordance with present on-chain knowledge, it’s potential the U.S. authorities could possibly be testing liquidity methods. One account related to batch transactions performed on March 7, 2023 seems to have profited within the quantity of $237,934,919 on 30,174.7 in BTC holdings not at present related to the July 12 batch of transactions.

Nevertheless, one other account that acquired 9,825.6 BTC from the DOJ throughout the March 7 batch distributed these cash amongst 101 accounts. The identical account later joined 599 different accounts to ship a complete of roughly 0.1 BTC (about $3,032 as of the time of this text’s publication) to one more account, which then unfold its holdings of roughly 51 BTC throughout 37 addresses.

An roughly 51 BTC transaction from a pockets that acquired cash originating from the DOJ. Supply: Screenshot by way of Blockchain.com

Whereas hypothesis abounds concerning the precise nature of the transactions, which now span some 800-plus pockets addresses, the sheer variety of transactions and related wallets makes monitoring precisely what the U.S. authorities is doing with every coin an more and more difficult endeavor.

This lack of certainty has led some members of the crypto group to worry that BTC is being “nuked” or that the U.S. authorities’s wake-inducing coin motion will ripple all through the cryptocurrency financial system and trigger buyers to desert what some see because the early levels of a bull run.

Different fans have dismissed such commentary as pointless worry, uncertainty and doubt primarily based on the dearth of tidal motion — greater than six hours after the transactions have been clocked, BTC has seen lower than 1% of market motion.

Gather this text as an NFT to protect this second in historical past and present your assist for unbiased journalism within the crypto area.