Wallets associated with the U.S. government have deposited 17,733 bitcoin - worth about $1.48 billion - plus 750 wrapped bitcoin worth roughly $62 million into Coinbase Prime over the past three days, blockchain monitors reported Friday.
The transfers were flagged by Lookonchain, which tracks large on-chain movements. According to tagging data from Arkham, the wallets currently hold cryptocurrency assets valued at about $25.4 billion, with bitcoin alone accounting for roughly $25.3 billion.
Large government-linked transfers to exchanges are closely watched by crypto markets, where they can signal potential sales of seized assets. The U.S. government holds one of the world's largest known bitcoin stockpiles, largely from criminal forfeitures.
The move came on a volatile day for digital assets, with ether slipping below $2,500 and posting a 24-hour decline of more than 2.5 per cent.
