The US government has initiated the transfer of 30,175 Bitcoins, previously seized from Silk Road, raising concerns over a possible sell-off.

A majority of the Bitcoins were moved to a new, inactive wallet, while around 2,000 BTC were sent to Coinbase for reasons not made public.

The US government's Bitcoin holdings total approximately 210,392 BTC, valued at an estimated $14.4 billion.

Since their last Bitcoin sale in July 2023, the government's unrealized profits from these holdings have more than doubled.

The potential sell-off and transfer activities have contributed to Bitcoin's market volatility, with its price hovering around $65,000 and struggling to surpass $70,000.

A significant 5% decline in Bitcoin's value has been observed in the past 24 hours.

The implications of substantial government transactions in the cryptocurrency market will be a topic of discussion at the forthcoming Benzinga's Future of Digital Assets conference.