U.S. government-linked wallets moved more than USD 100 million in cryptocurrency Tuesday as Bitcoin weakened toward USD 84,000. Arkham data showed transfers involving 833.599 BTC and about 40,285 BNB.
Bitcoin, worth about USD 71.6 million during the transfers, eventually reached Coinbase Prime deposit addresses. Meanwhile, the BNB, valued near USD 31.63 million, moved through two unlabeled addresses.
Bitcoin later fell to about USD 84,200 early Wednesday after trading near USD 86,500 Tuesday. Despite the decline, BTC remained within its recent USD 83,000-to-USD 87,000 trading range.
Arkham identified Bitcoin as funds tied to two government seizure cases. A Potapenko/Turogin forfeiture wallet supplied 568.7 BTC, while Bitfinex hack seizures accounted for another 264.9 BTC.
The government first transferred the 833.599 BTC to two addresses that Arkham does not label. Within hours, both addresses forwarded their holdings to wallets Arkham identifies as Coinbase Prime deposit addresses.
Separately, a government-labeled wallet transferred about 40,285 BNB from assets seized from Alameda Research. The tokens first reached address 0x7F68F63fB3A9CCCf352409603421E0A574FbAD90.
That wallet then transferred the entire balance to another unlabeled address, 0x6fB3Fe7b7E78AbB84CE007cBC7412C850B15A579. The available information does not show that the government sold those assets.
The U.S. government still controls about USD 27.5 billion in cryptocurrency, according to the information provided. All those holdings came from enforcement seizures rather than taxpayer-funded market purchases.
Large government transactions often raise concerns about possible market sales. Still, wallet movement alone does not establish that authorities liquidated Bitcoin or BNB. Market commentator Jose Rosell noted that a transfer does not equal a sale. He also pointed to the March 2025 executive order covering forfeited Bitcoin held in the Strategic Bitcoin Reserve.
That distinction matters since the transferred BTC eventually reached Coinbase Prime deposit addresses. Even so, the transaction trail alone does not establish what happened after the deposits arrived.
At the same time, Bitcoin moved lower during Wednesday trading. The cryptocurrency dropped more than 2% from Tuesday's level near USD 86,500 and traded around USD 84,300. The decline kept BTC inside the trading band that has defined price action since late September. That range extends from about USD 83,000 to USD 87,000.
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Giottus CEO Vikram Subburaj said Wednesday's decline had not invalidated Bitcoin's stair-step rise. The pattern developed as Bitcoin moved through several higher trading ranges. From mid-July through August 18, Bitcoin traded between roughly USD 62,000 and USD 67,000. It then climbed about 21% within three days.
The next consolidation developed between roughly USD 76,000 and USD 81,500 from late August through mid-September. Bitcoin then gained 6.6% between September 19 and September 21.
Since that advance, BTC has traded mainly between USD 83,000 and USD 87,000. Subburaj said holding USD 83,000 would prevent sellers from forcing Bitcoin back into its previous trading range.
A sustained decline below USD 82,000 to USD 83,000 would weaken the September breakout. That move could bring the USD 80,000-to-USD 81,500 area back into focus. FxPro chief market analyst Alex Kuptsikevich placed nearby support around USD 84,000. He said a break below that level could open a path toward USD 80,000.
Bitcoin traded near USD 84,300 at the time covered by the report. Therefore, the market remained above the broader USD 83,000 structural support while approaching the upper support level identified by Kuptsikevich.
U.S. government wallets moved about USD 103 million in Bitcoin and BNB, although the transfers did not confirm asset sales. Meanwhile, Bitcoin traded near USD 84,300, leaving USD 83,000 as the key level for preserving its recent stair-step structure.