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BTC The U.S. government transferred 8,428 bitcoins to Coinbase Prime, setting a record for the largest single-day transfer in 2024.
On Wednesday, the U.S. government transferred 8,428 bitcoins to Coinbase Prime, the largest single-day bitcoin transfer it has made since December 2, 2024. According to Galaxy Research, the transaction ranks as the ninth largest bitcoin outflow from the U.S. government since 2013.
The main BTC transfer originated from the Bitfinex hack incident, asset recovery and unmarked sources
Another 834 bitcoins were transferred on Tuesday, bringing the total to 9,261 bitcoins in the two days, worth approximately US$770 million. Galaxy Research points out that nearly half of all bitcoins come from asset recoveries related to the 2016 Bitfinex hack. Another significant share comes from Binance-related seizure of assets.
Analysis of Galaxy traffic charts shows that three Bitfinex recycling wallets transferred 4,239 bitcoins. Two exchange-related seized wallets sent another 1,227 bitcoins. The remaining 3,796 bitcoins originated from five wallets without any public tags, including 2,456 bitcoins from a single unknown address.
Small Dictionary: Galaxy Research is a division of Galaxy Digital that focuses on cryptocurrency market analysis and blockchain data, providing insights on digital asset flows, institutional activity and market structure.
Galaxy Research emphasized: "But 2,456 of these bitcoins came from previously unknown holdings, and we now assume that these are seized assets of the U.S. government because they were deposited into the U.S. government's Coinbase Prime deposit address."
The transaction pattern remains consistent for each sender. First send a small test amount to the deposit address, then send the main amount to the one-time use address and quickly merge.
Typically after one to three blocks, Coinbase Prime transfers the BTC it receives into its operating wallet. The government Coinbase Prime deposit address, which has been active since December 2025, has received a total of 11,567 bitcoins so far.
Federal Bitcoin positions: Lubian and Bitfinex dominate
According to Galaxy Research, the U.S. government currently holds approximately 319,086 bitcoins, while government-controlled wallets peaked at 352,587 bitcoins in August 2024. Among them, 71% of assets are still technically unsettled government property due to ongoing legal action or pending return to victims.
A large portion (127,271 bitcoins) is related to the case against the Lubian mining pool operated by Chen Zhi. In October 2025, the Ministry of Justice applied for civil forfeiture of these assets. Another 94,643 bitcoins were from the Bitfinex hack, and as of the time of the report's release, the main wallet had not yet been moved.
The Justice Department has previously obtained court approval to directly refund bitcoins involving Bitfinex to the exchange.
Coinbase Prime is an institutional digital asset platform that provides custody and transaction solutions for seized government assets on behalf of the U.S. Marshals Service. Depositing Coinbase Prime does not necessarily mean a sale of assets.
President Donald Trump issued an executive order on March 6, 2025, requiring all bitcoins deposited in the "Strategic Bitcoin Reserve" to remain unsold. The order allows exceptions where assets can be sold if they are released or returned by court order to a verifiable victim of criminal activity.
Other noteworthy transfers include 57.55 bitcoins linked to Samourai Wallet in November last year that have reached the Coinbase Prime address. The White House confirmed in January that the coins had not been liquidated. Similarly, 2.438 bitcoins seized from Glenn Olivio were transferred to Coinbase in April.
Trends in government processing of bitcoin over time
Galaxy Research records show that there have been 6,134 government bitcoin transactions since 2013. Excluding internal transfers, the government obtained 555,260 bitcoins and disposed of 236,173 bitcoins.
Between 2013 and 2015, the U.S. Marshals Service auctioned bitcoins seized from the Silk Road. However, since 2020, federal agencies have retained a larger proportion of seized bitcoins rather than auctioning them, reflecting a shift in government strategy.
