Roughly $1 Billion worth of Bitcoin Moved From a Silk-Road Era Wallet
Early November 4, 69,369 BTC from the Silk Road era were moved to an unknown wallet according to a signal from Whale Alert. A deeper analysis shows that the last time coins were moved was five years ago when 100 BTC were transferred to a now-defunct crypto exchange. It is not clear who controls the private keys of the wallet.
The infamous Silk Road project gave crypto and Bitcoin a bad rap. Since then, the crypto sphere is struggling to dissociate itself from claims that the space is predominantly used as agents of money laundering. By combining Bitcoin and Tor, a private browser, the website enabled the buying and selling of drugs, a bad decision that eventually saw its founder Ross Ulbricht found guilty and is now serving a double life sentence and 40 years.
Impact on the BTC Price:
Neutral. This is the second time in 10 days that a large number of coins are being moved within the chain. The good news is, in both instances, the value was being moved to a different wallet, not an exchange meaning most holders are keen on holding on to their coins, and not dumping for fiat.