Recent on-chain data reveals that two wallets connected to the U.S. government, which are linked to the Silk Road seizure of cryptocurrency, have conducted three separate transactions, moving over $300 million worth of bitcoin (BTC).

These transactions took place on Wednesday morning, causing a brief dip in the price of bitcoin. However, the cryptocurrency has since recovered, currently standing at $30,660 at the time of writing.

Bitcoin’s block explorer confirms that the government-controlled wallets were responsible for transferring a total of 9,825 bitcoin, amounting to approximately $301 million.

The movement of such a substantial amount of bitcoin by the U.S. government has drawn attention and raised questions about its intentions.

In March, the same wallets associated with the U.S. government transferred over $1 billion in bitcoin, triggering a significant market downturn across major cryptocurrencies.

This move came after the government seized 50,000 bitcoin connected to the infamous Silk Road marketplace in November.

Following the recent transactions by the U.S. government wallets, the price of bitcoin experienced a brief 0.8% decline, falling to $30,480. However, the cryptocurrency quickly regained its footing and climbed back to $30,660.

These government-led movements of bitcoin continue to generate speculation among market participants, impacting market sentiment and adding further volatility to the cryptocurrency landscape.