According to Arkham Intelligence, the United States government has transferred over $2 billion worth of Bitcoin, seized from the infamous Silk Road dark web marketplace, to an unidentified wallet. As of now, it remains unclear whether the U.S. plans to sell the recently transferred Bitcoin.

This transfer comes just two days after former President Donald Trump, currently the Republican candidate in this year's presidential election, vowed at the Bitcoin 2024 conference in Nashville to create a national "strategic Bitcoin stockpile" if elected. Trump emphasized that under his administration, the government would cease selling any seized Bitcoin.

The market reacted swiftly to the news of the transfer. The price of Bitcoin dropped by more than 2% within an hour. After briefly hitting $70,000 per coin on Monday morning, Bitcoin’s price fell to $66,00, trading down 4.6% in the past 24 hours. BTC has since recovered slightly, and is currently trading at $66,550.

Crypto entrepreneur and Galaxy Digital CEO Mike Novogratz criticized the timing of the move. The federal government frequently moves Bitcoin that has been seized from criminals between wallets and custodians. While the authorities have sold seized crypto in the past, such transfers do not always signal an intent to liquidate.