US Government Transfers $288M in Bitcoin and Ethereum to Coinbase Prime

The U.S. government has transferred approximately $288 million worth of Bitcoin (BTC) and Ethereum to Coinbase Prime, raising questions about its strategic reserve rules.

According to onchain analysis account Lookonchain, a wallet tagged as belonging to the U.S. government moved 3,941 BTC and 30,007 ETH to Coinbase Prime over an eight-hour period.

The assets' value was estimated at around $288.33 million by blockchain analytics firm Arkham.

Coinbase is not only a trading platform but also provides custody for institutions, asset management, and approved asset disposals.

This makes it difficult to conclude from the transfer alone that the U.S. government sold BTC into the market.