On March 28 at exactly 5:51 PM EST
The U.S. government quietly moved a combined total of $10.23 million in Bitcoin and Ethereum — specifically 97 BTC worth $8.46 million and 884 ETH valued at $1.77 million. While the amounts may seem modest compared to billion-dollar movements, the timing and context of this transfer set the crypto world buzzing.
Source: Arkham Intelligence
The latest transfer follows a March 18 order by President Donald Trump to set up a Strategic Bitcoin Reserve. The order didn’t merely hint at stockpiling crypto—it required all federal agencies to hand over reports of their digital coin holdings to the Treasury Secretary within a month. Analysts now view this transfer as a gear turning in that broader plan.
Just two weeks prior, federal authorities had also moved 298.936 AVAX from assets seized in a case involving Brian Krewson. The sequence of these moves, all clustered in March, hints at more than simple housekeeping. It’s led analysts to wonder: are these shifts part of a broader strategy to consolidate, or signs of potential liquidations?
Crypto Markets Wobble as Transfers Stir Anxiety
Bitcoin was sitting steady at around $86,600 before the March 28 transfer. Following the movement, its price ticked down slightly to $85,000, while Ethereum dipped just below the $2,000 mark, landing at $1,995. While the price swings weren’t dramatic, the real story came in volume.
In just one hour, Bitcoin’s trading volume spiked by 15%, and Ethereum’s climbed 12%. Historically, government-led crypto transfers have introduced short-term chaos. One example stands out from December 2024, when a $1.9 billion Bitcoin movement to Coinbase Prime triggered a 5% dip across three days.
The story goes beyond the mere changes in prices. The U.S. government is a major participant in the case. At the moment, it owns 198,012 BTC, valued at a hefty $17.22 billion, and 59,965 ETH, worth $119.7 million. These holdings indicate that the government is one of the foremost institutional entities in the crypto space.
Source: Arkham Intelligence
U.S. Transfers Billions in Seized Crypto
The U.S. government has carried out major transfers of cryptocurrency, including the recovery of much of the assets that had been lost during high-profile cases. One of the most famous incidents was the 2016 Bitfinex security breach. The suspects had 94,000 BTC at the time, which is now worth over $8 billion, seized by the authorities.
Considering this, the March 28 transfer is not necessarily a precursor to a sell-off. The executive order, as well as its urgent requirements for agencies to declare crypto holdings, gives the node that this may be an internal reorganization to comply with new regulations.
Similar moves in April, June, and August of 2024, which caused minor sell-offs, were followed by Bitcoin’s recoveries each time. Now, the same may be in play once again. Even fresh activity and looming anxiety have not shaken Bitcoin’s stance. It can be seen around the $85,000–$87,000 range.