Irish drug dealer Clifton Collins is back in the news after Irish authorities recovered most of the seized Bitcoin. Collins purchased approximately 6,000 Bitcoins between 2011 and 2012.
He was jailed after a drug-related arrest in 2017. Before he was arrested, he printed out his seed statement and hid it in a fishing rod.
However, the homeowner later cleaned the house and threw his belongings, including the private keys, into the landfill. In 2026, authorities continued to recover lost Bitcoin and sell it as proceeds of crime.
How much Bitcoin did authorities recover?
Irish authorities successfully recovered 500 BTC worth $30.85 million from Clifton Collins’ wallet and deposited them to Coinbase.
The latest seizure brings the total assets recovered from their wallets to 1,500 BTC, worth approximately $103 million. At its peak, Collins’ 6,000 BTC was worth approximately $757 million.
Despite rescue efforts Clifton Collins’ addresses he still held 4,500 BTC worth approximately $276 million. In fact, no more than nine addresses were touched, and authorities have not confirmed whether the same decryption would apply to future operations.
Even so, the recovery showed that authorities can still access dormant wallets under certain conditions.
Besides Collins Bitcoin (BTC) There was also sell-side activity from another long-term investor. Lookonchain reported that a wallet was linked Tim Draper deposited 1,000 BTC $61.82 million was deposited into Coinbase.
Tim Draper purchased 29,656 BTC from Silk Road assets seized at the US Marshals Service auction in 2014.
He purchased the assets for approximately $18.7 million and paid approximately $632 per BTC. At their peak, these assets were worth $3.74 billion but have fallen to about $1.8 billion.
Could these transfers put pressure on Bitcoin?
Meanwhile, transfers linked to Collins and Tim Draper coincided with an increase in Bitcoin’s Exchange Supply Rate. As a matter of fact, the Foreign Exchange Supply Ratio climbed to 0.134, the highest level in three weeks.
The rising Exchange Supply Rate showed that more market participants are moving BTC to exchanges, potentially increasing selling pressure. This shift has caused investors to focus on broader market sentiment.
High Stock Exchange Inflows also weighed on market sentiment. Meanwhile, the Stochastic Momentum Index continued to remain in the negative zone.
Although BTC jumped to $62,000 and the Stochastic Momentum Index rose slightly, upside momentum remained weak. ADX also supported this setup as the negative index remained high at 23.
Taken together, these indicators point to a weak structure and indicate that this situation could lead to a new decline. If sell-side activity continues, BTC could drop to $60,000. However, if the recent recovery continues, Bitcoin could target the $65,600 resistance level.
