Summary:
- U.S. government moves 58 BTC, worth nearly $4M, to Coinbase from seized funds.
- Funds were seized from criminal cases involving Ryan Farace and his father.
- Transfer unlikely to significantly affect Bitcoin’s spot price due to market size.
The U.S. government has transferred 58 BTC, approximately $4 million, to Coinbase, originating from an address linked to seized funds from criminal cases. The assets were previously confiscated from Ryan Farace, convicted for dark web drug sales, and his father Joseph Farace, involved in money laundering.
While this liquidation could be routine, it represents less than 1% of Bitcoin’s daily trading volume of over $35 billion. As such, it is unlikely to have a significant impact on Bitcoin’s spot price, unlike previous large sales by entities like Germany’s Saxony state.
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