The United States transferred $219,000 worth of Ethereum to Coinbase, sparking fears of a potential selloff. Ethereum's price hasn't been affected, but the community has many unanswered questions.
At first glance, this seems like a minuscule amount compared to the federal government's $650 million holding of $ETH . However, this is the first asset transfer to an exchange since shortly after President Trump took office, and it could be a warning sign.
It's well known that the US government maintains a large stockpile of $BTC , which it confiscated from various criminal enterprises. Every time it liquidates some of these assets, the market moves, and cryptocurrency enthusiasts everywhere take note.
Today, Arkham Intelligence discovered that the US moved around $219,000 worth of Ethereum to Coinbase:
At this time, it's unclear why this happened. Under President Biden, the federal government liquidated tons of Bitcoin last year, and transfers to Coinbase were a key early warning sign of these sales.