Cryptocurrency wallets linked to the U.S. government returned to the spotlight after transferring more than $103 million worth of Bitcoin and BNB. According to information based on Arkham data, roughly $71.6 million in Bitcoin reached Coinbase Prime deposit addresses through intermediary wallets, while $31.6 million in BNB moved to unidentified wallets.
The transactions coincided with Bitcoin’s decline below $84,000. Although no sale has been confirmed, rising oil prices and a stronger dollar also contributed to pressure on the crypto market.
Bitcoin reaches Coinbase Prime as BNB moves to unidentified addresses
Wallets labeled by Arkham as linked to the U.S. government transferred a total of 833.599 BTC. The Bitcoin, worth approximately $71.6 million at the time, initially moved to two addresses that the platform had not associated with any organization.
Within hours, those addresses forwarded the assets to wallets Arkham identifies as Coinbase Prime deposit addresses. The Bitcoin’s route therefore led to the institutional trading platform, although the purpose of the transfers remained unclear.
Around 568.7 BTC came from funds labeled as forfeited in the Potapenko and Turogin case. The remaining 264.9 BTC came from assets seized during the investigation into the Bitfinex hack.
A separate wallet movement also drew attention on the BNB side. A wallet linked to assets seized from Alameda Research sent approximately 40,285 BNB to an unlabeled address; the recipient then transferred all the tokens to a second unidentified wallet.
The combined value of the two assets reached approximately $103.2 million at the time of the transfers. While the Bitcoin reached Coinbase Prime, the identity of the final BNB recipient remained unclear in the available on-chain information.
Transfers do not confirm a sale
Moving a large amount of cryptocurrency to a trading platform can fuel expectations of a sale. However, movement between wallets alone does not establish that a sell order was placed or a transaction completed.
U.S. policy on Bitcoin holdings makes this distinction particularly relevant. The executive order signed by President Donald Trump on March 6, 2025, provides for a Strategic Bitcoin Reserve funded with eligible Bitcoin that has been finally forfeited to the government.
The order stipulates that Bitcoin deposited into the reserve should be held without being sold. However, it includes exceptions for court orders, restitution to victims and certain legal obligations, meaning that reserve policy alone cannot explain every movement involving government-linked wallets.
Assets other than Bitcoin fall under a separate digital asset stockpile. That framework gives the Treasury management options that may include sales; nevertheless, there is no verified information showing that the latest BNB transfer represents a sale.
Oil and dollar pressures accompany Bitcoin’s decline
Bitcoin traded at around $86,600 on Tuesday before dropping below $84,000 on Wednesday. At the time of writing, its price had fallen to approximately $83,640.
There is insufficient evidence to attribute the decline solely to transfers from U.S.-linked wallets. Over the same period, oil prices rose amid tensions in the Middle East, while higher U.S. Treasury yields and a stronger dollar added pressure on risk assets.
Selling also spread to altcoins. Dogecoin fell approximately 5%, Ethereum declined 3.5% and XRP dropped nearly 3%, with BNB and Solana also posting losses.
The market’s attention now turns to the minutes of the Federal Reserve’s September meeting. Investors are watching for signals about the future path of interest rates, while movements in the dollar and Treasury yields remain relevant to Bitcoin’s direction.
