US Authorities Move $33.6M Seized from FTX Crypto Holdings

On December 3, the US government moved $33.6 million in crypto seized from the collapsed FTX Exchange. Blockchain intelligence firm Arkham reported the transfer, which involved various cryptocurrencies. This transfer came at an interesting time, aligning with a broader market rally.

$18 Million in Ethereum Transferred

The government moved 5,024 Ethereum, worth around $18 million, in this series of transactions. Along with Ethereum, roughly $13 million in Binance USD, $1.5 million in Shiba Inu, and other tokens were also transferred. 

The market responded positively, with Ethereum price jumping 3.10% to hit $3,721. Ethereum’s on-chain activity reached $183.74 billion in November, the highest recorded this year. This shift coincided with a growing market trend where traders rotated capital into on-chain activities. 

Analysts suggest this move could signal more shifts as the government adjusts its crypto holdings. The timing of these transfers adds an air of mystery to the situation, as many speculate about what’s behind the decision.

$2 Billion in Bitcoin from Silk Road Seizure

The US government also moved nearly $2 billion in Bitcoin a day earlier. This involved splitting 19,800 BTC into two separate wallets. The funds are linked to the Silk Road, the infamous dark web marketplace. This isn’t the first time the US has made such a move. 

Earlier in the year, authorities transferred a similar amount of Bitcoin, raising further questions about their strategy. As of December 4, the US government holds more than 198,000 BTC, worth $19.2 billion. 

The recent movements have sparked interest in what the government plans to do with such massive crypto reserves. With Bitcoin and Ethereum both on the move, the cryptocurrency community is eager to see what comes next.