Blockchain wallets linked to the U.S. government moved more than $100 million worth of crypto on Tuesday, according to data from blockchain intelligence firm Arkham.

The transfers included 833.599 BTC, valued at approximately $71.6 million when moved. The bitcoin was sent to two addresses that Arkham does not currently label. Within a few hours, both addresses forwarded the funds to wallets identified by Arkham as Coinbase Prime deposit addresses.

In a separate transaction, another wallet labeled as government-controlled transferred around 40,285 BNB, worth $31.63 million, to the unlabeled address 0x7F68F63fB3A9CCCf352409603421E0A574FbAD90. The full BNB balance was subsequently moved to another unidentified address, 0x6fB3Fe7b7E78AbB84CE007cBC7412C850B15A579.

The bitcoin came from two sources. Some 568.7 BTC was held in a wallet Arkham identifies as Potapenko/Turogin forfeited funds, while 264.9 BTC was seized in connection with the Bitfinex hack case. The BNB originated from cryptocurrency seized from Alameda Research.

According to Arkham, the U.S. government continues to hold about $27.5 billion in crypto, with the holdings coming entirely from enforcement-related seizures. The government has not used taxpayer funds to acquire additional cryptocurrency.

The movement of seized assets can prompt speculation about potential government sales, but transferring funds does not by itself confirm that a liquidation is underway.

“Transfer is not the same as a sale,” market commentator Jose Rosell said on X, pointing to a March 2025 executive order under which bitcoin forfeited to the government is intended to be held in a Strategic Bitcoin Reserve.