17h ago

US government-linked wallets move $1 billion in Bitcoin as BTC drops $4,000

AI Market Summary

US government-linked wallets moved 12,267 BTC (~$1B) tied to Bitfinex-seizure assets, with 9,000 BTC reportedly reaching Coinbase Prime. The third consecutive day of transfers coincided with a ~$4,000 BTC drawdown, reviving overhang risk around potential government distribution or sales, even if Prime deposits do not confirm liquidation. Galaxy also flagged previously unlabeled wallets, implying US-controlled BTC may be larger than public tagging suggests.

Impact level

● High

Affected assets

BTC/USDT-0.51%

AI Insight · BTC/USDTAI Insight

▼ Bearish

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Wallets linked to the US government moved more than $1 billion in Bitcoin on Oct. 8, using assets seized from the 2016 Bitfinex hack. On-chain data show 12,267 BTC was first sent to an unidentified intermediary wallet before 9,000 BTC (about $739 million) arrived at Coinbase Prime. The transfer marked a third straight day of Bitcoin movements from government-linked addresses as BTC fell about $4,000 to around $82,500.

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