The U.S. government moved about $470,000,000 of seized bitcoin and stablecoins today. Arkham tracked it to addresses it says are likely Coinbase Prime deposits.

Probably not a sale. Probably just the custodian: since July 2024 the U.S. Marshals Service has had Coinbase under contract to hold and trade the coins it confiscates.

So the honey pot got bigger. Coinbase already held $330,000,000,000 for clients by its own count. The ETFs sit there. Now the government's confiscated stack does too.

Here's the thing nobody at Coinbase will tell you. They don't have any technology you don't. Same keys, same cold storage, same multisig you can set up on a kitchen table.

What they have that you don't is a pot about 10,000,000 times larger.