US Transfers $288 Million in Cryptocurrencies, Raising Market Alarm; 'The Missing Catalyst,' Says Coinext CEO

The United States (US) has transferred approximately $288 million (over R$ 1.4 billion) in bitcoin (BTC) and ethereum (ETH) that had been seized during investigations, as shown by the on-chain tracking platform Arkham.

According to the data, the assets were sent on Monday morning (13) to Coinbase Prime, the exchange chosen by the US government to custody confiscated cryptocurrencies.

The transactions involved about 3,800 BTC, valued at $235 million, and 30,000 ETH, worth $53 million.

While the bitcoins are believed to come from seizures made by the country's authorities, the ethers are linked to a money laundering case.

Although it represents only a transfer --- and not a sale ---, the operation has reignited speculation that the White House might be preparing to dispose of some of the cryptocurrencies it had promised to keep in custody.

This is because, in the executive order of March 2025, US President Donald Trump created a Strategic Bitcoin Reserve and stated that the country erred in selling units of the asset in the past, determining that the BTC intended for the reserve should not be alienated.

Trump has even declared his intention to turn the United States into "a bitcoin superpower and the world capital of cryptocurrencies".

Amid this scenario, the movements detected by Arkham have raised doubts in the market: is the world's largest sovereign holder of bitcoin preparing to sell part of its reserves?

For José Artur Ribeiro, CEO of Coinext, the question is legitimate but requires context.

In a comment sent to Money Times, the executive stated that assets seized in criminal proceedings follow their own legal process and, after the judicial actions are concluded, the US government needs to allocate them.

Therefore, according to Ribeiro, "a transfer to Coinbase Prime may simply be the administrative conclusion of this process."

Still, the executive pointed out that large investors typically keep their assets in cold wallets for security reasons and that moving crypto assets to an exchange is historically interpreted as preparation for liquidation.

"The transfers seem to directly conflict with the executive order of March 2025 signed by Trump, which determined that the seized bitcoin should be directed to the Strategic Reserve and explicitly prohibited its sale," Ribeiro stated.

"Ethereum escapes this restriction as it is under a separate legal regime, with greater management freedom by the [US] Treasury, but the transferred bitcoin does not have this flexibility, at least on paper," he added.

The CEO of Coinext also highlighted that the US government still holds about $20.6 billion in crypto assets. The $288 million transferred represents, therefore, a small fraction of the total amount.

"Even so, it is not the volume that moves the market, but rather the narrative. And the narrative that the US government itself may be liquidating positions, contradicting its own policy, is the kind of signal that amplifies pessimism in times of vulnerability," he said.

"There is no on-chain confirmation of a sale at this time. But the market does not wait for confirmation to price in risk. Any subsequent movement from these wallets will be monitored closely, and it could be the missing catalyst for the next significant price movement," he continued.