The U.S. government address made one move early this morning, then another fifteen minutes ago.
The second transfer was 750.2 WBTC, worth about $62.34 million, and like the previous batch of assets, it went to Coinbase Prime. In total, the address transferred out $165 million within 24 hours, including 1,583.8 BTC on the Bitcoin network, worth about $134 million at the time.
What’s interesting is the change in form: the earlier transfer was BTC, while this one was WBTC. The same address, the same destination, but the assets shifted from native to wrapped—suggesting the holdings aren’t limited to coins on a single chain.
These movements alone don’t tell us whether anything has been sold. A transfer to Coinbase Prime simply means the assets have reached a trading venue; whether any trades were executed or the assets were moved out afterward can still be tracked on-chain.
Two things to watch next: whether this address continues moving smaller amounts to Coinbase Prime, and whether the WBTC is unwrapped or split up on Ethereum. Sending coins to an exchange could signal preparations to sell, or it could be for custody or market-making. At this point, there’s no evidence to support any one explanation.
The second transfer was 750.2 WBTC, worth about $62.34 million, and like the previous batch of assets, it went to Coinbase Prime. In total, the address transferred out $165 million within 24 hours, including 1,583.8 BTC on the Bitcoin network, worth about $134 million at the time.
What’s interesting is the change in form: the earlier transfer was BTC, while this one was WBTC. The same address, the same destination, but the assets shifted from native to wrapped—suggesting the holdings aren’t limited to coins on a single chain.
These movements alone don’t tell us whether anything has been sold. A transfer to Coinbase Prime simply means the assets have reached a trading venue; whether any trades were executed or the assets were moved out afterward can still be tracked on-chain.
Two things to watch next: whether this address continues moving smaller amounts to Coinbase Prime, and whether the WBTC is unwrapped or split up on Ethereum. Sending coins to an exchange could signal preparations to sell, or it could be for custody or market-making. At this point, there’s no evidence to support any one explanation.