US govt-linked address deposits $297M in BTC, ETH to Coinbase Prime

An address believed to be owned by the U.S. government has deposited 3,940.7 BTC ($244 million) and 30,007 ETH ($53.09 million) into Coinbase Prime, according to an analysis by EmberCN. The total value of the transfer is approximately $297 million. While deposits to exchanges are often interpreted as a precursor to selling, Coinbase Prime is a prime brokerage platform for institutional investors that offers trading, custody, and financing services, suggesting other potential uses for the funds. The U.S. government is currently known to hold approximately $20.5 billion in crypto assets. This includes 325,000 BTC ($20.2 billion), 145 million USDT, 28,000 ETH ($50.35 million), and 62,000 BNB ($35.38 million).