U.S. Government-Linked Wallets Move 8,428 BTC to Coinbase Prime

U.S. government-linked wallets moved 8,428 Bitcoin (BTC) to a Coinbase Prime deposit address on Oct. 7, marking the largest one-day outflow from federal-linked holdings since Dec. 2, 2024.

The transfer followed an 834 BTC movement on Oct. 6, bringing the two-day total to 9,261 BTC, worth about $770 million. The combined flow ranked ninth among daily outflows from government-linked holdings since 2013.

About half of the two-day total was linked to assets recovered from the 2016 Bitfinex hack, while another portion was tied to known Binance-related seizures. The transfer also included 2,456 BTC from previously unlabeled holdings that followed the same deposit route; their government ownership has not been publicly confirmed.

The movement does not establish that the government sold the bitcoin. Coinbase Prime provides institutional custody and trading services, including custody of seized digital assets for the U.S. Marshals Service.

A March 2025 executive order establishing the Strategic Bitcoin Reserve says government bitcoin deposited into the reserve shall not be sold, while permitting limited releases for court orders, victim restitution and law-enforcement operations.