U.S. government’s $1.54B BTC transfer was for custody, not selling

Recent transfers by U.S. government-linked wallets to Coinbase Prime over the past three days were for custody rather than sales, K33 Research said. The wallets deposited 17,733 BTC, worth about $1.48 billion, and 750 WBTC, worth about $62 million. K33 Research said most of the assets, including 12,267 BTC tied to the Bitfinex hack, are managed by custodians, with only about 1,200 BTC estimated to be actually available for sale. Even that potential sellable amount is extremely small relative to the U.S. government’s total holdings of more than $25 billion, suggesting limited impact on the spot market.