$2B Bitcoin Transfer by the US Government Has Led Bloomberg Analyst James Seyffart to Suspect It Could Signal a Massive Coinbase Deal

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.

The United States government recently transferred Bitcoin, leading Bloomberg senior ETF analyst James Seyffart to speculate that this move may be related to a possible Coinbase deal.

According to Arkham Intelligence, the US government transferred a total of $2 billion in confiscated Silk Road Bitcoin to two different addresses. This follows President Trump's recent statement that the federal government will maintain its Bitcoin holdings.

Arkham Intelligence identified two accounts that each received $2 billion in Bitcoin. One account contains 10,000 BTC, currently valued at $669.35 million, while the other contains 19,800 BTC, currently valued at $1.33 billion. They speculate that this may be a $10,000 payment to a custody service.

Bloomberg analyst James Seyffart commented on the matter, suggesting that one possible explanation is that the US Marshals Service has chosen Coinbase to handle its digital assets. He shared the news, saying:

Meanwhile, another user pointed out that the US Marshal's website shows a distribution schedule that suggests the funds will be distributed over five years rather than all at once. Seyffart agreed, saying "Makes sense," bolstering the speculation.

Another crypto influencer who 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 speculated that the Biden administration may be planning a selloff in light of the recent US government's Bitcoin movement. Several crypto proponents have accused the government of being anti-crypto.

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