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Galaxy Research: U.S. government transferred in Coinbase Prime approximately 9261 coins BTC, with approximately 71%of its holdings originating from LuBian- and Bitfinex-related assets

BIBIBIPublished 10/08, 11:33 (Beijing time)Updated 10/08, 11:34

AT A GLANCE

Galaxy Research said that over days the U.S. government transferred approximately Coinbase Prime to 9261 units of BTC, but the purpose and ownership of some assets have not yet been confirmed.

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Analysis: U.S. government transferred out over days 9261 coins BTC，2456 originated from previously unidentified sources; LuBian and Bitfinex assets account for its holdings 71%

BlockBeats news,October 8, Galaxy Research conducted on-chain tracking of the U.S. government's recent BTC transfers and historical holdings. Over days, the U.S. government transferred approximately Coinbase Prime to 9261 coins BTC, valued at approximately 770000000 USD. This analysis focuses not on whether the funds are about to be sold, but on further identifying the sources and composition of the U.S. government's current BTC assets through the historical use of deposit addresses.

This Coinbase Prime deposit address has cumulatively received 2025 since it was first used in December, totaling 11,567 coins BTC, of which 6406 came from wallets labeled as belonging to the U.S. government, 5160 came from previously unlabeled wallets. Of the 9261 coins BTC transferred in this instance, nearly half can be traced to Bitfinex hack proceeds recovered by the U.S. government, while another portion came from previously known Binance-related seized assets; among them, 2456 coins BTC previously had no clear government ownership label, but because it entered this Coinbase Prime deposit address via the same route as government funds, Galaxy Research currently considers it U.S. government seized assets.

After further reviewing the composition of the assets, the U.S. government currently holds approximately 319,086 coins BTC, of which approximately 71%is concentrated in types of assets that have not yet fully become the government's final property: LuBian-related BTC and Bitfinex recovered funds.

Among them, 2025 in January, a U.S. federal court approved the return in kind of seized Bitfinex hack proceeds to Bitfinex, and the main address holding approximately 94,643 coins BTC remains unmoved. Another portion came from LuBian-related BTC. In 2025, the U.S. Department of Justice filed a civil forfeiture action against Chen Zhi and related assets, involving approximately October filed a civil forfeiture action against Chen Zhi and related assets, involving approximately 127,271. These LuBian BTC assets had entered addresses attributed to the U.S. government as early as BTC as early as 2024 through June, so their inclusion in the statistics begins from that point.July had entered addresses attributed to the U.S. government, so their inclusion in the statistics begins from that point.

Over a longer period, addresses related to the U.S. government have received approximately 2013 since 555,260, valued at approximately BTC at prices at the time; during the same period, approximately 16100000000 USD; during the same period, approximately 236,173 flowed out, valued at approximately BTC at prices at the time. Excluding internal transfers between government-owned addresses, this transfer ranks 3800000000 USD among the largest single-day BTC outflows in U.S. government history based on labeled government addresses, and is also the largest since 9.December 2, 2024 was the largest since then.

Key points

BlockBeats reported on October 8 that Galaxy Research conducted on-chain tracking of the U.S. government's recent BTC transfers and historical holdings.
The report states that, over days, the U.S. government transferred approximately Coinbase Prime into 9261 coins BTC, valued at approximately 770000000 USD。
This Coinbase Prime deposit address has cumulatively received 2025 since it was first used in December, totaling 11,567 coins BTC, of which 6406 came from wallets labeled as belonging to the U.S. government, 5160 came from previously unlabeled wallets.
Of the 9261 coins BTC transferred in this instance, nearly half can be traced to Bitfinex hack proceeds recovered by the U.S. government, while another portion came from previously known Binance-related seized assets.
Among them, 2456 coins BTC previously had no clear government ownership label; Galaxy Research currently considers it U.S. government seized assets because its transfer route was the same as that of government funds.
Galaxy Research's review states that the U.S. government currently holds approximately 319,086 coins BTC, of which approximately 71%consists of LuBian-related BTC and Bitfinex recovered funds.
The report states that, in 2025 year January, a U.S. federal court approved the return in kind of seized Bitfinex hack proceeds to Bitfinex; currently, approximately 94,643 remains unmoved.BTC in the main address remains unmoved.
It was reported that the U.S. Department of Justice in 2025 year October filed a civil forfeiture lawsuit against Chen Zhi and related assets, involving approximately 127,271 units BTC。
Addresses associated with the U.S. government have received approximately 2013 since 555,260 units BTC and transferred out approximately 236,173 units BTC。
Excluding internal transfers between government-owned addresses, this transfer ranks, based on identified government addresses,BTC among the largest single-day 9 outflows in U.S. government history, and is also the largest since December 2, 2024.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

On-chain records show a batch of BTC entering Coinbase Prime, but this platform provides both custody and trading services. Therefore, the transfer only proves that the funds moved and cannot prove that the U.S. government has sold them. Galaxy Research also organized the sources of the assets based on address labels and transfer paths, among which 2456 units BTC were attributed to the government through tracking analysis, rather than through an existing clear label as stated in the original text.

Why it matters to readers

A large amount of BTC entering a platform that also provides trading services may prompt market attention to a possible subsequent sale. Meanwhile, asset composition data shows that most holdings consist of funds recovered from Bitfinex and assets related to LuBian, while the original text states that these two categories of assets have not yet fully become the final property of the U.S. government.

Beginners should distinguish between “transferred into a trading or custody platform” and “already sold.” This on-chain transfer alone cannot determine whether actual additional sell-side supply has entered the market. It is advisable to continue monitoring subsequent movements of the addresses and official explanations of the purpose.

Risks and unknowns

It is not possible to confirm, based solely on the transfer into Coinbase Prime whether these BTC are being used for custody or trading.
2456 The BTC units previously had no clear government ownership label; their attribution was determined by Galaxy Research based on the same transfer path.

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Galaxy Research: U.S. government transferred in Coinbase Prime approximately 9261 coins BTC, with approximately 71%of its holdings originating from LuBian- and Bitfinex-related assets

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