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US Government's Transfer of 17,733 BTC to Coinbase Prime is Custodial, Not a Sale

On October 13, K33 Research analyzed that the 17,733 BTC transferred by the US government to Coinbase Prime is part of a custodial arrangement rather than a signal of sale. Some of the transferred BTC includes 12,267 coins related to the Bitfinex hacking incident, which are still under the control of the custodian, with only about 1,200 coins potentially available for sale, accounting for less than 7% of the nominal transfer amount. K33 stated that after the US Marshals Service established a 'protection and trading' partnership with Coinbase Prime in 2024, the inflow of seized assets to the platform is often misinterpreted as selling pressure. From October 7 to 8, the US government addresses continuously transferred BTC, USDT, and BNB, with 12,267 BTC related to the Bitfinex case being split into new addresses, and an additional 833.6 BTC and 750.2 WBTC entering Coinbase Prime, indicating a more centralized accumulation. Valuing the 17,733 BTC could lead to an overestimation of immediate supply. The US government still holds approximately 324,000 BTC, and future accumulations may repeatedly create misinterpretations of 'selling' pressure.

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