K33 Research: The US government transferred approximately 17,700 BTC, most likely a custodial operation rather than a sell-off.

On October 13, K33 Research reported that the U.S. government transferred approximately 17,733 BTC to Coinbase Prime this week, including 12,267 BTC linked to the Bitfinex hack. Following the transfer, the government's labeled holdings dropped from 324,527 BTC to 306,795 BTC. When accounting for unmarked suspected government wallets, the total BTC moved to Coinbase Prime reaches approximately 21,500.

Analysts believe this transfer is highly likely a custody action rather than a sell-off, as Coinbase Prime has been the custodian for the U.S. Marshals Service since 2024. Assets tied to Bitfinex remain in the claims process, with the Department of Justice mandating restitution to victims in BTC. The asset freeze on the Strategic Bitcoin Reserve also exclusively applies to fully forfeited coins. Furthermore, approximately 1,200 BTC from FTX and HashFlare were transferred simultaneously and may be disbursed to victims in cash via compensation channels. Notably, the transfer of roughly 15,000 BTC related to Bitfinex claims was completed within two days, potentially signaling that a distribution plan or relevant rulings are progressing.