K33 Research: The US government transferred approximately 17,700 BTC, most likely a custodial operation rather than a sell-off.

According to K33 Research, the US government transferred approximately 17,733 BTC to Coinbase Prime this week, including 12,267 BTC linked to the Bitfinex hack incident. Following the transfer, the government’s tagged holdings decreased from 324,527 BTC to 306,795 BTC. If untagged suspected government wallets are included, the total BTC transferred to Coinbase Prime reaches approximately 21,500. Analysts believe this transfer is highly likely a custody operation rather than a liquidation—Coinbase Prime has served as the custodian for the US Marshals Service since 2024. Coins associated with the Bitfinex case remain in the claims process, with the Department of Justice requiring restitution to victims in BTC; the no-sale order for the Strategic Bitcoin Reserve also only applies to fully confiscated assets. Additionally, roughly 1,200 BTC originating from FTX and HashFlare were transferred simultaneously and may be disbursed to victims in cash through compensation channels. Notably, the completion of the transfer of approximately 15,000 Bitfinex-claim-related BTC within two days suggests that a distribution plan or relevant rulings may be advancing.