US Government Deposited $966 Million in BTC to Coinbase Prime This Year
CryptoNewsTerminal Staff14 Aug, 2024
US Government Deposited $966 Million in BTC to Coinbase Prime This Year
The US government has deposited a total of 15,940 BTC ($966.4 million) to Coinbase Prime in three separate transactions this year, according to blockchain analytics provider Lookonchain. The first transfer, which occurred on January 9th, was the largest, totaling 9,051 BTC ($553 million). The second and third transfers, which occurred on March 1st and June 16th, were for 3,389 BTC ($213 million) and 3,500 BTC ($200 million), respectively. The price of BTC dropped by about 5% within three days after the first and second transfers, according to Lookonchain. The price of BTC has been relatively stable since the third transfer. It is unclear why the US government has been depositing BTC to Coinbase Prime. However, some analysts believe that the government may be preparing to sell its BTC holdings. The US government has not commented on the transfers. Coinbase Prime is a cryptocurrency custody and trading platform for institutional investors. It is one of the largest cryptocurrency exchanges in the world. ```
