“I think it is conclusive they’ve been selling without creating onchain footprint”
Source: David Bailey/X
One of the on-chain analysts, Sani, agreed that the only large custody firm that could handle such swaps was Coinbase. Interestingly, the firm doubles as the USMS custody provider.
Most of the U.S. government’s BTC holdings were from forfeitures and seizures by the FBI and other investigative services.
Besides, the 198K BTC reportedly held by the U.S. included the Bitfinex hack, which the court ordered to be returned to the exchange in early 2025. Put differently, it was not surprising that the government held fewer BTC.
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