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US government-linked wallets move $1 billion in Bitcoin to Coinbase Prime
On Oct. 8, 12,267 BTC from an address tied to assets recovered from the 2016 Bitfinex hack reached Coinbase Prime as BTC fell about $4,000 over the three-day stretch.
CryptoSlate reports that US government-linked wallets moved more than $1 billion in Bitcoin on Oct. 8, with blockchain watchers tracing the transfer to a government-controlled address tied to assets recovered from the 2016 Bitfinex hack.
According to Galaxy Research, the Oct. 8 transfer involved 12,267 BTC, valued at approximately $1 billion. The coins were first sent to an intermediary wallet, then 9,000 BTC, worth about $739 million, arrived at Coinbase Prime, Coinbase’s institutional custody and trading platform.
The transactions extended three consecutive days of government-linked Bitcoin movement, occurring alongside a roughly $4,000 drop in Bitcoin’s price. EmberCN cited by CryptoSlate said BTC fell from about $86,500 when the transfers began late on Oct. 6 to around $82,500 by Thursday.
CryptoSlate also notes that transfers to Coinbase Prime do not by themselves confirm the Bitcoin was sold, since the platform provides custody and trading services that allow deposits without an immediate liquidation.
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