US Government Transfers $131 Million Worth of Bitcoin to Coinbase
The US government recently moved over $131 million worth of seized Bitcoin to Coinbase, as revealed by blockchain-tracking firms. The transfer involved 2,000 BTC being sent to the Coinbase Prime wallet.
Crypto Tracker Confirmation
Lookonchain, a prominent crypto tracker, documented the movement of a total of 30,174.703 BTC, valued at $1.98 billion, with 2,000 BTC specifically directed to Coinbase Prime.
Blockchain Intelligence Firm Affirmation
Additionally, Arkham, a blockchain intelligence firm, confirmed the transfer to Coinbase Prime. This reassurance strengthens the credibility of the transaction.
Insight from Analyst
- Julio Moreno, the head of research at CryptoQuant, provided insights into the transfer. He mentioned that the 2,000 Bitcoin transferred to Coinbase were promptly sold. Furthermore, he noted that the BTC originated from the seizure from James Zhong, who faced charges related to wire fraud.
Government Bitcoin Holdings
- The US government primarily acquires Bitcoin through criminal seizures. It currently holds approximately 213,246 BTC, valued at $14.13 billion, as reported by Arkham. Additionally, the government holds around $4.3 million worth of Ethereum.
Timing of Crypto Sales
- In March of 2023, the government sold 9,861 BTC, worth around $216 million at the time. However, due to the surge in digital asset prices, the same amount of Bitcoin is now valued at over $654.4 million.
Bitcoin Market Update
Bitcoin is currently trading at $66,303. The leading cryptocurrency has experienced a 2% increase in the last 24 hours but has witnessed a 4% decline over the past week.
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Hot Take: US Government’s Bitcoin Transfer Indicates Ongoing Crypto Strategy
The recent movement of significant Bitcoin holdings by the US government to Coinbase reflects the continued approach of offloading seized assets. This strategic maneuver highlights the government’s utilization of leading cryptocurrency exchanges for managing seized digital assets.
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