Key Insights:
- Ethereum news: the U.S. government transferred an additional 5,939 ETH to Coinbase Prime.
- Two whale wallets also accumulated about $35.3 million in ETH.
- Ethereum traded at $1,883.65, rising 6.7% over 24 hours.
The latest Ethereum news shows that the U.S. government has moved seized Bitcoin and Ethereum to Coinbase Prime on Monday, attracting attention from cryptocurrency traders. On-chain tracker Lookonchain recorded combined deposits totaling $288.33 million across both assets.
Lookonchain reported that the government wallet deposited 5,939 ETH valued at approximately $11.15 million. Meanwhile, large Ethereum holders continued to accumulate coins despite speculation surrounding federal transactions.
Government Transfers Seized Crypto Assets
The deposited assets came from confiscations involving Brian Krewson, BTC-e, and Ryan Farace. Notably, Coinbase Prime already provides digital asset services for federal forfeiture operations. The U.S. Marshals Service selected the platform in 2024 for custody and trade of forfeited cryptocurrency.
Large holders typically store coins in cold wallets rather than moving them to trading platforms. Therefore, the government deposits quickly drew scrutiny across sections of the market.
However, federal authorities have not publicly explained the purpose of the transfers. The lack of an official statement fueled speculation about a possible government sale.
The activity follows President Donald Trump’s executive order from March 2025. That order established a Strategic Bitcoin Reserve for government-controlled Bitcoin. It also directed that Bitcoin deposited into the reserve should not be sold. The tracked transactions involved Bitcoin and Ethereum, while the reserve order specifically addressed government Bitcoin holdings.
Ethereum News: Whales Accumulate $35.3M
Despite concerns about potential selling, tracked Ethereum whales continued to acquire substantial holdings. According to Lookonchain, a newly created wallet withdrew 8,239 ETH from several exchanges.
The wallet, identified as 0xf31d, completed those withdrawals over the previous 12 hours. The transferred Ethereum carried an estimated value of $14.5 million.
Meanwhile, another wallet identified as 0x363A accumulated 11,843 ETH within three hours. That accumulation had an estimated value of $20.8 million. Together, both wallets acquired about $35.3 million in Ethereum during their respective tracking periods.
The whale transactions differed from the government wallet activity. The newly created address removed ETH from exchanges, while the federal wallet deposited ETH into Coinbase Prime. Both transactions occurred amid speculation about the government’s unexplained asset movements.
Ethereum traded at $1,883.65 at press time, representing a 6.7% increase over 24 hours. Elsewhere, Bitcoin traded at $64,859.27, gaining 4.4% over the past day.
