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A $2 billion Bitcoin transfer by the US government has led Bloomberg analyst James Seyffart to suspect it could signal a massive Coinbase deal.
$2B Worth of Bitcoin Moved
The US government recently transferred Bitcoin, and Bloomberg senior ETF analyst James Seyffart has speculated that this could be due to a possible Coinbase transaction.
Following reports from Arkham Intelligence, the United States authorities transferred $2 billion worth of Bitcoin that had been confiscated from Silk Road to two different addresses. This follows President Trump's recent statement that the federal government will maintain its Bitcoin holdings.
Two accounts were found by Arkham Intelligence to have $2 billion worth of Bitcoin. One account contained 10,000 BTC, valued at $669.35 million, and the other held 19,800 BTC, valued at $1.33 billion. Their reasoning was that this action signifies a $10,000 payment to a custody service.
US Marshals Choose Coinbase
According to Bloomberg analyst James Seyffart, who commented on the matter, one possible explanation is that the US Marshals Service has chosen Coinbase to handle its digital assets. While relaying the news, he said:
At the same time, another user concurred with Seyffart, pointing out that the US Marshal's website shows a distribution schedule that suggests the money will be distributed over five years rather than all at once. With a "Makes sense," Seyffart bolstered the speculation.
Another crypto influencer that shared a similar opinion is MartyParty:
Coinbase Prime Custodian
The United States Marshals Service has reportedly chosen Coinbase Prime as its custodian and advanced trading platform for its large-cap digital assets.
The three-and-a-half million dollar deal covers five years, with an additional six months of extension, and is designed to simplify the administration of well-known cryptocurrencies.
According to Coingape, some have speculated that the Biden administration may be planning a selloff in light of the recent US government's Bitcoin movement. A number of crypto advocates have accused the government of being anti-crypto.
