(Bloomberg) -- A U.S. government account holding almost $2 billion in Bitcoin confiscated from the former black-market website Silk Road completed several transactions Tuesday ahead of an expected eventual liquidation of the assets, according to several blockchain analytics firms.

The so-called digital wallet transfered about $65 in a test to a deposit address of Coinbase Global Inc.’s Coinbase Prime unit, according to Arkham Intelligence Inc. In total about $131 million in transfers to Coinbase were made Tuesday, with the majority of the funds moved to different US government-associated addresses, the firm said.  

“This appears to be a test transaction from the U.S. government,” according to Parker Merritt, solutions engineer at analytics provider Coin Metrics, said about the $65 transaction. “The small amount is being sent to Coinbase Prime, while the large amount is being credited back to the U.S. government as a ‘change output.’ Most likely, they will follow up by sending a larger (possibly the full) amount to Coinbase Prime, having confirmed the test transaction arrived at its intended destination.”

After that, several government addresses consolidated and moved about 2,000 Bitcoin to Coinbase, according to the firm Flipside Crypto. Digital wallets are usually anonymous. 

Market participants have been watching US government’s Bitcoin addresses for transfers, as any sales could impact the cryptocurrency’s price. The government has sold parts of its trove of Silk Road’s Bitcoin in prior years, such as through auctions. The account from which funds moved Tuesday initially contained 30,174 Bitcoin.

The government shut down Silk Road, a website where people used Bitcoin to buy everything from heroin to LSD to phony passports, in 2013. Back then, federal agents seized Bitcoin worth $3.6 million — but whose value had ballooned to billions of dollars since, in part thanks to the recent rally. Bitcoin’s price has increased more than 50% so far this year.

Operated by Ross William Ulbricht from 2011 to 2013, Silk Road used Bitcoin to generate the equivalent of $1.2 billion in illicit sales and reap $80 million in commissions in less than three years, according to court documents at the time. Ulbricht was convicted in 2015 by a New York federal jury of seven criminal counts, including conspiracy to distribute narcotics and money laundering. Ulbricht, whose alias was “Dread Pirate Roberts,” is serving a life sentence.

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