US Government Moves 3,940 BTC To Coinbase: What to Know

 


The blockchain analytics firm Lookonchain reported that a wallet moved 3,940 BTC, valued at $241 million, to Coinbase hours after the German government moved 750 BTC to an unknown destination.

Governments Auctioning Seized Bitcoins

Usually, authorities sell the cryptocurrencies it obtained through asset seizures or criminal investigations. A notable instance is when billionaire investor Tim Draper purchased about 30,000 BTCs from the US Marshals Service, which had seized these BTCs from the Silk Road darknet market in 2014.

 Arkham Research tracked the movement of 3,940 Bitcoin, worth around $150 million at the time of forfeiture, to Coinbase, with the exchange confirming the receipt. The US government seized these digital assets from an Indian individual sentenced in 2024 for supplying restricted drugs and engaging in laundering money.

Various Government's Bitcoin Holdings

Meanwhile, Bitcoin Treasuries reports that the US government now holds 213,546 BTC (valued at over $13 billion at current market price), making it one of the world's top Bitcoin holders. With 46,359 BTC reserves, the German government is also a significant holder, followed by China and Great Britain.

Casa's co-founder and noted Bitcoin educator Jameson Lopp has meticulously tracked US government Bitcoin sales since 2014. According to his data, the government has seized and sold at least 195,091 BTC, generating over $366 million.

Since they hold about 2.7% of all 21 million BTC that will ever exist, these government-owned Bitcoin reserves can influence the Bitcoin ecosystem and broader financial markets. Unlike several countries that have rapidly sold off their cryptocurrency reserves, the United States is reluctant to liquidate its holdings.

Sachin Jaitly's PhD thesis from Morgan Creek Capital suggests that this US government's stance is more of an inertia than strategic planning. Notably, the Justice Department's seizure of $1 billion in Bitcoin in 2020 contributed to this accumulation.

Germany's Bitcoin Transactions

Like the US, German authorities are also trading their seized BTCs. Lookonchain, citing reports from Arkham Intelligence, stated that the German government recently made significant Bitcoin transactions.

Their total transaction amounted to 750 BTC, approximately worth $46.35 million. Additionally, they sent 250 BTC worth $15.41 million to well-known crypto exchanges such as Bitstamp and Kraken.

Moreover, Lookonchain highlighted a smaller transaction of 0.001 BTC to Flow Traders (likely a preliminary test transaction). This suggests the German government is preparing to sell Bitcoin through Flow Traders, indicating an active strategy to manage its Bitcoin assets.

The German government's 45,609 BTC holdings (worth roughly $2.8 billion at current market price) is a substantial stake that underlines Germany's strategic position in the cryptocurrency domain and its management of these digital assets to leverage market opportunities.

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