In 2021, Ryan Farace was convicted for drug trafficking, laundering Bitcoin proceeds, and distributing drugs.

The U.S. Department of Justice recovered 2,933 BTC from the Farace family and announced plans to sell the seized Bitcoin.

The U.S. government transferred 58.742 BTC, valued at nearly $4 million, from seized funds of Ryan Farace to Coinbase, matching the amount seized from Farace.

Almost $4 million worth of Bitcoin seized from Ryan Farace was transferred to an unlabeled wallet by the U.S. government.

A U.S. government-linked wallet moved 58 Bitcoins to Coinbase Prime on Monday.

Germany conducted a significant Bitcoin sale, generating $2.9 billion from seized assets.

The recent German Bitcoin sale of 49,858 coins worth $2.89 billion may have influenced market sentiments.

Bitcoin's price, starting above $67,000 on Monday, dropped to around $66,000 amidst market fluctuations.

Currently, the U.S. government holds over 213,000 BTC, valued at more than $14 billion.

It remains uncertain whether the U.S. government intends to sell the transferred Bitcoin or manage the funds.

The movement of funds from the Ryan Farace seized funds address to Coinbase is viewed as a potential liquidation, representing less than 1% of BTC's 24-hour trading volume.

Decrypt reached out to Arkham and the Department of Justice for comments on the Bitcoin transfer but did not receive an immediate response.