An analysis suggests the 17,733 Bitcoin recently transferred by the US government to Coinbase Prime were intended for custody rather than sale.

BlockBeats reported on October 13 that digital-asset research firm K33 Research said in a recent report that the US government’s large Bitcoin transfer is hard to interpret as a sell signal.

K33 Research said Coinbase Prime has served as the digital-asset custodian for the US Marshals Service since 2024. That suggests the transfer was more likely aimed at safeguarding the assets than selling them.

Of the transferred Bitcoin, 12,267 are tied to the 2016 Bitfinex hack, and the return process is now underway.

K33 Research added that about 1,200 Bitcoin linked to the FTX and HashFlare cases could still be sold to compensate victims in cash.