US Government Moves 833.6 Bitcoin (BTC) to Coinbase Prime

Update 10:38 UTC: New labeling from blockchain analytics firm Arkham traces the origins of the moved coins: 568.7 of the 833,599 Bitcoin (BTC) sent toward Coinbase Prime came from assets seized in the Potapenko and Turogin case, while the remaining roughly 264.9 BTC stems from forfeitures tied to the Bitfinex hack.

Two Transfers, $103 Million

On-chain data shows wallets linked to the US government moved 833.6 Bitcoin (BTC), worth about $71.56 million when the coins left the chain, to Coinbase Prime, together with 40,285 BNB valued near $31.63 million. The two batches carried a combined $103 million off state-controlled addresses over the past day: the BTC went out first, while the BNB traveled through several intermediate hops before landing at the address 0xBE7...81E. The Bitcoin price now trades near $83,000, about 3.6% lower over 24 hours, though it has edged 0.2% higher since the newest on-chain readings. Despite the outflow, the government-linked wallets still hold close to $28 billion in crypto, and 324,000 BTC worth roughly $27.7 billion makes up the bulk of it, a stock that effectively functions as the country's de facto Strategic Bitcoin Reserve. A deposit to Coinbase Prime is not, by itself, evidence of a sale. The venue provides custody, trading and asset-management services to institutional clients, so the coins could be headed for safekeeping, an over-the-counter arrangement or a consolidation between wallets. The exact purpose of the BNB leg remains undisclosed, and the receiving address carries no known label, in contrast with the clearly routed Bitcoin (BTC) transfer. Until those coins appear on a trading balance, the transfer stays a custody move rather than a distribution. Nothing in the on-chain record suggests the state plans to distribute; the reserve framing assumes Washington will continue to HODL its stack. Commentary such as Balaji Srinivasan's reserve asset thesis treats holdings of this size as strategic rather than tactical, while separate tracking of the largest daily exchange outflow in seven months showed coins leaving venues earlier in the cycle. Government moves of this size are rare enough that each one resets near-term supply expectations.

New labeling from blockchain analytics firm Arkham traces the origins of the moved coins: 568.7 of the 833,599 BTC sent toward Coinbase Prime came from assets seized in the Potapenko and Turogin case, while the remaining roughly 264.9 Bitcoin (BTC) stems from forfeitures tied to the Bitfinex hack. The 40,285 BNB, moved through two unlabeled wallets before reaching the exchange-labeled address, was reported to be among the assets confiscated from Alameda Research. The breakdown matters because legal status and sale authority can differ case by case, even though a March 2025 executive order directs Bitcoin that passes to the government into the Strategic Bitcoin Reserve. No sale has been confirmed, and Arkham's data alone does not establish that the assets were distributed rather than reorganized in custody.

$550 Million in Longs Liquidated

Selling pressure built quickly once the wallet movements surfaced. The transfers landed while geopolitical stress was already weighing on risk appetite: tension around the Strait of Hormuz pushed oil above $100 per barrel, and the combination hit the Bitcoin market hard. The coin had traced a sideways path in recent sessions before the twin shocks arrived, then slid toward $84,000, and within hours roughly $550 million in positions were liquidated across the market, with the bulk of the losses taken by long positions. Activity from a state-linked whale carries outsized weight with traders precisely because a confirmed sale would add fresh supply into a market that de-levers fast; one year on from the October session when a single tariff post erased $19 billion in liquidations, that reflex has not faded. Liquidation clusters of that size tend to mark short-term capitulation points, though they do not guarantee the selling is finished. Analysts frame the levels that matter next. Giottus chief executive Vikram Subburaj argues that holding above $83,000 shows selling pressure is not yet strong enough to drag the market back into the $76,000-81,500 band. A sustained stay below $82,000-83,000, in his reading, would raise downside risk and could pull the price toward $80,000-81,500. FxPro chief market analyst Alex Kuptsikevich treats $84,000 as the key support and warns that a fall beneath it invites heavier selling toward $80,000. The market has already answered part of that question: the coin lost $84,000 during the drop and has since settled just above $83,000, which leaves the $83,000 line Subburaj flagged as the immediate battleground. Whether the government deposits mark the front edge of distribution or routine custody housekeeping will decide how much weight that line has to bear.

Support Stack Below $83,000

The nearest support in our composite scoring sits at $80,872.93, scored 92 out of 100, backed by the BB lower band, the 50-day SMA and a Fibonacci level, with $76,365.16 at 82/100 as the strongest floor deeper down. The nearest barrier is $84,088.74, rated 80/100. Positioning leans long rather than stressed: perp funding prints 0.0051%, open interest holds near $15.74 billion, and 66.1% of accounts sit long against 33.9% short. Momentum is soft, with the relative strength index near 45.2 and the MACD signal bearish even as the broader structure still rates as an uptrend. A daily close below $80,873 would put the $76,365 level in play; holding that zone keeps the recovery case alive. The full Bitcoin technical analysis dashboard updates in real time (as of 16:35 UTC).