Massive $593.5M Bitcoin Move: US Government Shifts Silk Road Stash to Coinbase Prime

A transaction unearthed by Arkham Intelligence revealed that bitcoins linked to the Silk Road have been moved to Coinbase Prime. “10K Silk Road BTC ($593.5M) moved to Coinbase Prime,” Arkham posted on X. The firm further explained, “Wallet bc1ql received 10K BTC from a known US Government wallet 2 weeks ago. This BTC has just been sent on to 33J, a Coinbase Prime deposit wallet.” While priority transfers currently command a fee of 6 satoshis per virtual byte (sat/vB), this specific transfer was slightly higher at 6.28 sat/vB. As of 1 p.m. EDT on Wednesday, the U.S. government holds 203,239 BTC, valued at $12 billion based on current exchange rates.