The U.S. government transferred $770 million worth of seized bitcoins to Coinbase Prime. This headline feels too plain. Moving seized assets to an exchange usually means they’re preparing to liquidate. But $770 million isn’t a small amount, and the timing itself is a signal— the government is watching the market chart to choose the moment. When these bitcoins were originally seized, the price was ridiculously low; now, selling even a little would mean astronomical profits. In terms of market structure, with ETF outflows and the government preparing to sell, near-term supply-side pressure may be significant.