The U.S. Government wallet transferred approximately $288 million of bitcoin seized and ETA to Coinbase Prime on Monday. The data on the chain show that bitcoin passes through the new transit wallet, then enters the relevant address of the trading platform, and is transferred directly to the Taifeng.
Transfer Path
The assets came mainly from two cases. One is Ryan Farace, which transfers 2,875 BTCs valued at approximately $178 million. The second was the closed exchange BTC-e related address, which transferred 925.512 BTCs valued at approximately $57 million. Both bitcoins pass through the new address and enter Coinbase Prime.
Ether's direct to the platform.
Another transfer came from Brian Krewson's related wallet, which transferred 30,007 ETH, valued at approximately $53.09 million, directly to Coinbase Prime's deposit address. At the same time, there were 140,214 BTCs flowing between the Government-held Coinbase Prime addresses and cold wallets, which showed that some of them were more like internal transfers.
The sale is still pending
Coinbase Prime also provides hosting and fund management services, so these transfers do not directly prove to have been sold. However, the transfer of large amounts of encrypted assets from cold wallets to trading platforms is usually seen by the market as a precursor to subsequent disposal. Arkham data indicate that the United States Government still holds approximately 324,552 BTCs, 28,394 ETHs and 145,54.9 million USDTs, with a total value of approximately US$ 206.5 billion.