The U.S. Government Sent a Large Amount of Bitcoin and Ethereum to Coinbase

Significant Bitcoin activity was observed in cryptocurrency wallets linked to the US government. According to on-chain data, the government sent approximately 4,000 $BTC to Coinbase Prime, a platform serving institutional investors, during the day.

In the latest transactions, a total of 2,874.9 $BTC were transferred to Coinbase Prime in blocks numbered 957893 and 957894. At the time of the transaction, the value of these Bitcoins was estimated at approximately $183.28 million.

Shortly before this transfer, 925.5 $BTC were also moved from an address containing funds seized as part of Operation $BTC-e. The value of these assets at the time of the transaction was approximately $57.27 million. Thus, the total amount of Bitcoin moved by the US government during the day exceeded 3,800 $BTC, bringing the total value to over $240 million.

According to Arkham data, one of the largest transfers originated from wallets holding funds seized in the Ryan Farace case. Additionally, 140 $BTC in further transactions were recorded via government-linked Coinbase Prime deposit addresses.

Large-scale cryptocurrency transfers to exchanges or institutional trading platforms are often interpreted as preparation for a potential sale. However, the fact that assets have been sent to Coinbase Prime does not necessarily mean that the Bitcoins have been sold directly. It is also noted that the transfers could be part of custody, address arrangement, or government asset management operations.

At the same time, the US government also conducted a significant transaction on the Ethereum side. Approximately 30,000 $ETH, seized in connection with the Brian Krewson case, were sent to a Coinbase Prime deposit address. At the time of the transaction, the total value of the Ethereum was approximately $53.09 million.

Arkham has tracked approximately 324,552 $BTC across 617 US government addresses. Based on an estimated Bitcoin price of approximately $61,958, the total value of these assets exceeds $20.1 billion. The government portfolio also includes approximately 145.5 million USDT, 28,394 $ETH, 750 WBTC, and 40,000 BNB.