Quick Take
On Apr. 2, CryptoSlate reported that the US government sold 1,999 Bitcoin (BTC), valued at approximately $130 million, from a wallet associated with Silk Road to the digital assets exchange Coinbase. As per Arkham Intelligence firm, only 1,999.999 BTC were spent in the transaction, leaving the remaining 29,799.99012413 BTC unspent.
![US Government Transaction Explorer: (Source: Arkham Intelligence)](https://i0.wp.com/cryptoslate.com/wp-content/uploads/2024/04/spent.png?resize=640%2C171&ssl=1)
This development bears similarities to when the UK government sold over half of its gold reserves in 1999 at approximately $270 per ounce. This move coincided with a cyclical bottom before gold embarked on a multi-year bull run.
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