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In a significant development, a wallet tagged as belonging to the U.S. government transferred 30,175 Bitcoin<\/a> (BTC) on Tuesday morning. With the current price of Bitcoin hovering around $65,000, the total value of the moved coins is estimated to be roughly $2 billion.<\/p>\n This move comes after the government\u2019s last confirmed sale in March 2023<\/a>, when it sold 9,861 bitcoins for $216 million. The bitcoins in question were part of the approximately 50,000 coins seized by the government in late 2022, related to the infamous Silk Road website.<\/p>\n According to blockchain analytics firm Arkham Intelligence<\/a>, 2,000 of the moved Bitcoin were transferred to a wallet belonging to the crypto exchange Coinbase (COIN), while the remaining coins were sent<\/a> to a wallet identified as belonging to the government.<\/p>\n The news of this substantial Bitcoin movement had an immediate impact on the cryptocurrency market. Bitcoin, which was already experiencing a downward trend, dipped further below $65,000 following the announcement.<\/p>\n However, it has since slightly recovered and is currently trading at $65,200, marking a 4.7% decrease over the past 24 hours. The events follow Bitcoin recently soaring past $71,000<\/a> for the first time in history, shortly after United Kingdom\u2019s Financial Conduct Authority approved cryptocurrency exchange-traded notes for trading.<\/p>\n This recent upwards trend in Bitcoin\u2019s price follows the U.S.\u2019s approval<\/a>\u00a0of spot Bitcoin spot exchange-traded funds (ETFs) back in January, propelling the cryptocurrency to breach the $70,000 mark last week for the first time. Similarly, Ethereum (ETH) surpassed the $4,000 milestone on Monday.\u00a0Now companies are looking to do the same with Ethereum.<\/a><\/p>\n At the end of March, Nasdaq-traded spot Bitcoin (BTC) exchange-traded funds (ETFs) witnessed an inflow of $15.4 million<\/a>, marking a positive shift after five consecutive days of outflows, according to preliminary figures from investment company Farside.<\/p>\n The previous week\u00a0was challenging for these ETFs<\/a>, with a total outflow of $887.6 million, primarily due to significant withdrawals from GBTC.<\/p>\n<\/p><\/div>\nA setback after a major rise<\/h2>\n