In a series of transactions on Wednesday morning, two crypto wallets identified as being under the control of the U.S. government and associated with the Silk Road confiscation, transferred Bitcoin (CRYPTO: BTC) valued at more than $300 million, according to on-chain data.

Following these transactions, the value of Bitcoin experienced a slight dip of 0.8%, dropping to $30,480, but has since rebounded to $30,660 at the time of reporting.

Data from Bitcoin's block explorer revealed these government-managed wallets moved a total of 9,825 Bitcoin, equivalent to $301 million.

Also Read: Bernstein Talks MicroStrategy Debt, Bitcoin Holdings While Berenberg Raises Price Target

It's worth noting this isn't the first significant transaction from this wallet.

In March, it shifted more than $1 billion in Bitcoin, an action that triggered a downturn in all major cryptocurrencies.

The U.S. government has previously sold 9,861 Bitcoin for $216 million in March.

This sale followed the government's confiscation of 50,000 Bitcoin connected to the Silk Road marketplace in November.

Read Next: Ethereum Towers Announces Final Mint Of Luxury Metaverse Apartments

Join Benzinga's Future of Crypto in New York city on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo: Shutterstock