U.S. Government Transfers 8.2 BTC to Coinbase Prime, Sparking Market Watch

The U.S. government transferred 8.2 Bitcoin to a Coinbase Prime wallet, a move that has drawn attention from the crypto market and analysts. The Bitcoin involved was linked to assets seized during the 2016 Bitfinex hack. The funds were sent from a wallet labeled 'United States Government: Glenn Olivio Seized Funds' to an address associated with Coinbase Prime deposits. At current prices, the 8.2 BTC is valued at approximately $606,000. This transfer is part of a broader pattern of government-linked wallets moving Bitcoin to Coinbase Prime, including a prior transfer of 2.438 BTC to an address beginning with '3EMqu'. The U.S. government holds an estimated 328,361 BTC, valued at nearly $24.6 billion, and has stated it is no longer selling seized Bitcoin but instead building a Strategic Bitcoin Reserve.