Arkham: The U.S. Government Currently Has More Than $6 Billion Worth of Bitcoin in Custody On-Chain

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Today’s Cryptocurrency Headline

According to a recent tweet by Arkham, the US government is currently holding over $6 billion worth of Bitcoin seized from three separate incidents. These incidents include the 2020 Silk Road seizure of 69,370 BTC, the 2022 Bitfinex hack seizure of 94,640 BTC, and the 2022 seizure of 51,326 BTC from James Zhong. The government plans to sell the seized BTC in batches starting in 2023, with 9,861 BTC already sent to Coinbase for liquidation.

BingX’s Bitcoin Chart

Source: TradingView & BingX

The current structure of Bitcoin on the 1-hour chart shows an upward channel, but it remains to be seen if it can break through quickly. There is a possibility of a challenge to the previous high if it pulls back to 30,000. However, the market is expected to undergo complex fluctuations, leading to a confusing overall trend. Patience is recommended. On the daily chart, Bitcoin has broken through the central axis, and as long as it does not fall below 29,000, there is a chance of a three-buy. It is unclear if a new high will accelerate upward, and the market is expected to be in a complex and volatile state.

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