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[K33 Research States U.S. Government's Transfer of 17,700 BTC is a Custodial Operation] K33 Research analysis suggests that the U.S. government’s transfer of 17,733 BTC to Coinbase Prime this week is a custodial operation rather than a sale. This transfer includes 12,267 BTC related to the Bitfinex hacking incident, reducing the government-labeled holdings from 324,527 BTC to 306,795 BTC. When including unlabeled wallets, the total BTC transferred to Coinbase Prime amounts to 21,500 BTC. Additionally, approximately 1,200 BTC from FTX and HashFlare were transferred simultaneously, and around 15,000 BTC related to Bitfinex claims were transferred within two days. (Source: K33 Research)