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WBTC The U.S. government transfers approximately US$1.5 billion in bitcoins to Coinbase Prime
Recently, online tracking data showed that the U.S. government has transferred approximately US$1.5 billion worth of bitcoins to the Coinbase Prime platform in the past three days. The transfer occurred just as the price of bitcoin fell by 6.9%, sparking market speculation whether Washington was selling assets, but so far there has been no official confirmation.
According to Lookonchain, 17,733 bitcoins (approximately US$1.48 billion) and 750 WBTC (approximately US$62 million) were deposited into Coinbase Prime in three days at wallet addresses linked to the U.S. government. Coinbase Prime is the exchange's division that focuses on institutional trading and custody services. Previously, federal agencies such as the U.S. Marshals Service have also used the platform to keep and process seized cryptocurrencies.
This move is shocking. Some social media users pointed out that the U.S. government has just transferred another 12,267 bitcoins (worth approximately $1.01 billion). Relevant developments sparked extensive discussions.
Historical Seizure Background and Policy Context
The funds most likely came from recent law enforcement seizures, including the Bitfinex hack, the Silk Road case and the Prince Group case. According to Arkham's physical files, the U.S. government still holds approximately 306,795 bitcoins worth approximately US$25.32 billion. In addition, it also holds a certain number of Ethereum (ETH), WBNB and stablecoins. Although its total wallet assets peaked at more than $40 billion, the total has now dropped to about $25 billion due to the decline in cryptocurrency prices.
It is worth noting that an executive order signed in March 2025 established a "strategic bitcoin reserve", stipulating that bitcoins deposited in the reserve cannot be sold and are only allowed to be disposed of for specific purposes such as court ordered distribution or victim compensation. This policy provides background reference for the current situation, but does not clearly state whether this particular batch of coins has been transferred to the reserve, nor does it explain the specific purpose of the transfer on October 8.
Asset custody has become a recurring issue in cryptocurrency cases, with all parties exploring more effective management methods, from tracking and seizing crypto assets linked to major hacking attacks to handling suspected fraudulent bitcoins.
Move to Coinbase Prime: Is it a sell signal?
What needs to be clear is that depositing funds on an exchange is not the same as selling. Moving Bitcoin to Coinbase Prime could mean a change in custody, an internal process for seizing assets, or an actual sell order. However, the U.S. government neither issued a statement nor disclosed its motives.
Given that the March 2025 executive order prohibits the sale of bitcoins in strategic reserves (unless used to compensate victims), any sale must fall within the scope of this exception. The market's volatility was mainly due to timing: During the transfer period, the price of Bitcoin fell 6.9% to hit approximately $80,500 at one point, resulting in approximately $1.14 billion in contract liquidation, of which approximately $930 million came from long positions. Large exchange deposits often trigger market concerns about selling pressure, making leveraged traders extremely vulnerable to squeeze when prices fall below key support levels.
But at the same time, other macro pressures are also at play, including a rise in U.S. Treasury yields to 5.34%, a stronger U.S. dollar and rising oil prices. Analysts believe that unconfirmed selling rumors are not the only reasonable reason for the market's decline.
For now, these transfers are more a signal that needs to be watched closely than conclusive evidence of a sell-off. Real confirmation may require waiting for an official announcement, further outflow data from the exchange, or a significant change in order-book pressure.
