The U.S. government has moved $288 million U.S. of seized Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO: $ETH) from digital wallets to the Coinbase Prime (NASDAQ: $COIN) exchange, indicating a potential sale.
Movement of the crypto occurred despite an executive order by U.S. President Donald Trump that seized Bitcoin should be used for America’s Strategic Bitcoin Reserve and never sold.
Routing Bitcoin from a digital wallet onto an exchange does not confirm a sale, since Coinbase also handles custody, financing, and staging of digital assets.
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However, exchange movements are widely considered to be transfers in preparation for a sale or exchange to other assets such as stablecoins.
Large holdings of cryptocurrencies are usually held in cold digital wallets instead of on exchanges for security purposes.
U.S. government crypto wallets still hold $20.65 billion U.S. of seized digital assets, including 324,552 BTC and 28,394 ETH.
Some analysts on social media referred to the crypto that the U.S. government moved to Coinbase’s exchange as a “rounding error” against the overall pile held by America.
Bitcoin is trading at $63,800 U.S. on July 14.
