US Govt Moves $297M Crypto to Coinbase Prime

The US authorities moved practically $300 million in seized Bitcoin and Ether to Coinbase Prime on Monday, renewing hypothesis that the belongings could possibly be offered. 

Knowledge from Arkham shows 3,940 Bitcoin (BTC) (price $243.95 million) and 30,014 Ether (ETH) (price $53.09 million) have been despatched to Coinbase Prime on Monday. The funds have been linked to a number of high-profile US authorities crypto seizures.

“These coin actions have been comprised of cash seized from ryan farace (“xanaxman”) and defunct crypto change btc-e,” mentioned Galaxy Analysis head Alex Thorn, referring to the Bitcoin actions. The Ether is linked to Brian Krewson, an Oracle worker implicated in a $54 million crypto storage and cash laundering scheme. 

The transfers have drawn consideration as a result of a sale would appear to conflict with US President Donald Trump’s March 2025 govt order, which mentioned Bitcoin seized by the US authorities ought to type a part of the Strategic Bitcoin Reserve and shouldn’t be offered. 

Nevertheless, the deposits don’t affirm a sale, as Coinbase Prime offers establishments with custody, buying and selling, financing and staking companies, that means the transfers could merely mirror asset consolidation. 

Associated: US Bitcoin reserve hits snag as federal agencies debate for control: Bloomberg 

Though the US authorities has beforehand transferred cryptocurrency to Coinbase Prime, Monday’s switch was one of many largest from government-linked wallets this yr. 

In June, a US government-linked pockets moved 98,589 Chainlink (LINK) tokens to the platform, with the funds traced to belongings seized from FTX and Alameda Analysis. In April, round 8.2 Bitcoin tied to the 2016 Bitfinex hack was despatched to Coinbase Prime. 

US government-linked wallets are estimated to nonetheless maintain $20.6 billion in crypto, together with round 325,000 BTC, 28,000 ETH, 146 million USDT and 750 Wrappd Bitcoin (WBTC).

Journal: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision

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