Many crypto consultants and on-chain traders turned excited right now, when it was revealed that U.S. authorities transferred 10,000 BTC, equal to jaw-dropping $593 million, to the Coinbase Prime platform. Towards this backdrop, the primary cryptocurrency’s change charge dropped to $58,000 at one level, and even decrease.
Due to on-chain historical past, it turned out that these have been crypto property from the case of the notorious darknet market, referred to as Silk Street. The court docket permitted an order to grab them in December 2023.
Transferring property to an change’s escrow deal with usually signifies an intent to promote them. That is what has the crypto public nervous, particularly in gentle of the current story with Germany and its $3 billion Bitcoin holdings.
No, the USG didn’t simply promote 10,000 cash. It *moved* cash to Coinbase (similar to they did a couple of weeks in the past) for custody. https://t.co/sgfEjCGY7G
— Samson Mow (@Excellion) August 14, 2024
Samson Mow, a outstanding crypto determine and proponent of the $1 million per Bitcoin (BTC) concept, volunteered to dispel concern, doubt and uncertainty. No, the U.S. authorities didn’t simply promote 10,000 BTC, says Mow. Quite the opposite, crypto funds have been moved there for safekeeping a couple of weeks in the past, claims the professional.
In reality, on July 1, Coinbase Institutional introduced that the U.S. Marshals Service chosen Coinbase Prime to offer custody and superior buying and selling companies for its large-cap digital property portfolio. Nonetheless, to this point, little is thought about what precisely occurs to tokens as soon as they hit a centralized platform.
