The US government has moved about $288.33 million worth of Bitcoin and Ether to Coinbase Prime.
According to blockchain analytics platform Arkham Intelligence, the transfer came from three separate criminal forfeiture cases. The first transfer of 2,875 BTC, worth $177.88 million, came from funds seized in the Ryan Farace case.
The transfer was done through another wallet, then deposited into the Coinbase Prime wallet an hour later.
Meanwhile, the second transfer of 925.5 BTC, worth about $57.27 million, was from Bitcoin assets held in the BTC-e case.
The government moved 30,007 ETH, worth about $53.09 million, from the Brian Krewson forfeiture. Additionally, earlier the same day, another 140.2 BTC, worth around $8.78 million, was also sent to Coinbase Prime.
The process of transferring the seized Bitcoin began in July 2024 by transferring 58.74 BTC to Coinbase.
The latest movement of 2,875 BTC represents nearly all of the remaining recovered Bitcoin. This shows that the government is committed to its plan of selling all the forfeited holdings through Coinbase Prime.
US Crypto Holdings Shrink
The transfer was effected by President Donald Trump, who signed the executive order in March 2025 regarding strategic Bitcoin reserves, which stops the sale of seized BTC. However, the transfer to Coinbase Prime may be for custody or financing.
Currently, the total holdings have fallen to 324552 BTC, while the Ethereum holdings are now at 28394.
The 2875 BTC was seized from Ryan Farace in 2018 during his dark web drug dealings. Operating under the alias Xanaxman, Farace was found guilty of producing and selling counterfeit Xanax. His father, Joseph Farace, was later convicted for helping launder the Bitcoin proceeds.
Later, after the recovery of the Bitcoin from the case, the US Department of Justice gave a sale announcement in January 2024 that it intended to sell the seized Bitcoin.
According to the notices, the parties involved had 60 days to file any complaints before the assets could be disposed of.
Bitcoin Price Analysis: Bearish Pattern Signals Risk of Drop Below $60K
Bitcoin is trading around $62,600 after recovering from its recent lows. The price is trading within a descending triangle pattern, which indicates that the bears may be gearing a further move downwards
The moving average indicator (EMA), currently at $62,800, acts as immediate resistance.
Bitcoin has been struggling around this level, indicating that buyers’ strength to push upwards is low and sellers could push in the reverse.
BTCUSD Chart Analysis by Tradingview
On the upside, Bitcoin must first reclaim $66,400 to weaken the current bearish structure. Beyond that, sellers are expected to defend the $79,000 region, where another large supply zone is visible.
