The U.S. government, Mt.Gox transferred thousands of Bitcoins to the exchange on the same day

Including the assets seized by the US government and the Bitcoin address of Mt. Gox, there were on-chain changes on the 23rd.

US Government BTC transferred to Coinbase

Data from blockchain analysis company Arkham Intelligence shows that an address marked "US Government: Ryan Farace's seized funds" transferred 58.742 BTC to the Coinbase Prime deposit address in the early morning of the 23rd, worth approximately US$3.96 million.

US government seizes 3,000 BTC

The funds began to attract attention at the beginning of this year. In January, officials said that the U.S. government was following instructions to dispose of 2,875 and 59 Bitcoins seized from drug traffickers Ryan Farace and Sean Bridges in 2021, respectively.

The U.S. Department of Justice indicted Farace in 2018. The indictment accused Farace of illegally selling Xanax on the Dark Web in exchange for Bitcoin.

Since then, Ryan's father, Joseph Farace, was also convicted of money laundering and transferring Bitcoin and other proceeds. The Department of Justice eventually recovered 2,935 BTC from the father and son, and emphasized that the above assets would be liquidated.

Note: Xanax has a sedative and hypnotic effect and is a Class IV controlled drug in Taiwan. It is also known as butterfly tablets and blue elf.

( The U.S. government plans to auction nearly 3,000 Bitcoins and still holds more than 200,000 BTC )

Is the panic period of Bitcoin selling pressure over?

CoinMarketCap data shows that Bitcoin’s 24-hour trading volume reached US$44.3 billion, and US$4 million is not even 0.01%

However, because the German government's previous sell-off happened to occur during the period when Bitcoin fell below $54,000, the market is still quite sensitive to changes in these on-chain data.

( Fifty thousand BTC were sold for US$2.8 billion. Germany stated that the transaction size was "moderate" and would not affect the currency price )

Mt.Gox address transferred 2,239 BTC to Bitstamp

In addition, according to Spot On Chain monitoring, Mt. Gox transferred 2,239 BTC (approximately US$149 million) to the Bitstamp exchange on the afternoon of the 23rd, which accounted for approximately 0.3% of today’s trading volume.

In total, Mt.Gox has transferred 52,425 Bitcoins to the exchange in July.

( Mt.Gox once again moved $148 million in Bitcoin to Bitbank exchange )

🚨🚨 BREAKING: #MtGox moved 2,239 $BTC ($149M) to #Bitstamp 30 minutes ago!

To repay creditors in July as previously planned, Mt. Gox has so far:

➡️ Deposited 1,545 $BTC ($83.5M) to #Bitbank on July 5.

➡️ Moved 48,641 $BTC ($3.06B) to wallet “3JQie”, likely a #Kraken deposit,… https://t.co/c14GBN5daM pic.twitter.com/WSunktoogK

— Spot On Chain (@spotonchain) July 23, 2024