- Bloomberg’s James Seyffart links U.S. government’s $2 billion Bitcoin transfer to potential custody deal with Coinbase.
- U.S. Marshals Service plans gradual distribution of Bitcoin, moving 10,000 BTC and 19,800 BTC into separate accounts.
Bloomberg’s senior ETF analyst, James Seyffart, has highlighted a potential deal with Coinbase as the motive behind the U.S. government’s recent significant Bitcoin transfer. The transfer involved $2 billion worth of Bitcoin, previously seized from the Silk Road, which has been distributed to two separate addresses.
Has to be this, right? https://t.co/NZqQPE6GoL pic.twitter.com/7Ek6bLwpeq
— James Seyffart (@JSeyff) July 29, 2024
Seyffart speculates that this transfer might be linked to the U.S. Marshals Service’s decision to use Coinbase for managing its digital assets. This move aligns with earlier distributions and suggests that the government is not looking to sell the assets immediately but rather spread out the transactions over an extended period.
The transaction saw 10,000 BTC moved to an account worth approximately $669.35 million and another 19,800 BTC to an account valued at about $1.33 billion. The analyst’s observations are reinforced by comments from other market participants who agree that the U.S. Marshals Service’s plan involves a gradual distribution of the Bitcoin, utilizing Coinbase’s services for custody rather than liquidation.
This strategic decision by the U.S. Marshals Service comes amid broader political and market reactions. Some community members and politicians have expressed concerns that the Biden administration may be handling the situation in a way that could negatively impact the cryptocurrency market.
Criticism also stems from perceived political motives affecting financial policies, which could potentially alienate a significant portion of the crypto-supportive demographic.
