US Government Deposits 86.56 ETH Worth $219,000 into Coinbase Prime After $10 Test Transaction

On July 8, Arkham monitoring revealed a significant on-chain activity involving a U.S. government wallet. Following a preliminary $10 test transaction, the address proceeded to transfer 86.56 ETH, valued at roughly $219,000, into the Coinbase Prime Deposit address. This movement underscores the growing interaction between governmental entities and regulated cryptocurrency platforms, highlighting increased institutional participation in the digital asset ecosystem. The transaction reflects a cautious yet strategic approach, leveraging Coinbase Prime’s secure infrastructure for managing substantial Ethereum holdings. Such developments are pivotal for market observers tracking regulatory compliance and asset custody trends within the crypto sector.