The US government moved 30,175 BTC, worth almost $2 billion at the time, to a Coinbase-linked wallet on April 2. This transfer takes place during a substantial decrease in the price of Bitcoin, with $64,500 as the weekly low. The cost of the cryptocurrency was, however, supported above $65,000 a little afterward. This transfer was brought to the attention of the crypto community by on-chain detective ZachXBT, who was one of the first to highlight this transfer on social media and consider it a big event in the crypto world.
The large-scale transaction represents government smugness, starting with a test transfer of 0.001 BTC ($69) to the stated Coinbase address. The transaction hash and the Coinbase deposit address were made public, which is reflective of the openness of the transactions. The decision has attracted attention and a lot of guessing within the cryptocurrency community, leaving uncertainty about the plans that the government has for the digital assets it holds.
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