Why It Matters: The US government selling its Bitcoin holdings is significant because it could greatly influence cryptocurrency prices, affecting the overall market for digital assets.

Recent Developments:

• The US on 25th Jan, 2024 initiated the process to sell 2933.64 Bitcoin worth over $130 million, seized from the Silk Road, a notorious online black market. [Source: Blockworks]
• These Bitcoins are associated with Ryan Farace, who received a 54-month prison sentence in Maryland for money laundering related to drug transactions.
• Ryan Farace, along with his father Joseph, was convicted of laundering Bitcoins earned from drug sales, which they were required to surrender to the US government. Ryan, convicted initially in 2018, claimed he couldn't access the Bitcoins used in darknet dealings.

Note: This dashboard includes publicly available information, including labels for specific wallet addresses which means that the US Government could hold much more than the estimated values.

US Government's Bitcoin Holdings: Seizures and Selling

US Government's Bitcoin Seizures Heatmap

As per on-chain data, in the year 2023 alone, the US Govt sold close to 20k Bitcoin. We might see more selling events in 2024 as the govt has filed to sell the 2933.64BTC from the Ryan Farace Silk Road Seizure.

Note: The heatmap data is not real-time. Please DM on our twitter for custom insights.

Source of Funds: Seizures

US Government's Bitcoin Balances History