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- U.S. government transferred 97 BTC and 884 ETH on March 28, fueling speculation about crypto portfolio strategy amid new executive order.
- Despite the $10.23 million transfer, Bitcoin’s price remains stable, suggesting no immediate sell-off impact on market sentiment.
The U.S. government’s recent movement of Bitcoin (BTC) and Ethereum (ETH) has sparked curiosity among crypto market participants. On March 28, the government transferred 97 BTC worth around $8.46 million and 884 ETH valued at $1.77 million.
The #USGovernment transferred 97 $BTC($8.46M) and 884 $ETH($1.77M) out 7 hours ago.
The #USGovernment currently holds 198,012 $BTC($17.22B) and 59,965 $ETH($119.7M).https://t.co/C2ftU2amGk pic.twitter.com/CkMyc5b3dc
— Lookonchain (@lookonchain) March 28, 2025
The transaction, completed at 5:51 PM EST, comes amid ongoing discussions about the U.S. government’s approach to managing its huge cryptocurrency holdings. The reason behind this movement remains unclear, but it aligns with a major directive outlined in President Donald Trump’s March 18 executive order.
U.S. Government’s Growing Crypto Holdings
As per a report by ETHNews, the U.S. government has accumulated cryptocurrency through seized assets, particularly from criminal investigations. Notably, the U.S. holds 198,012 BTC, valued at $17.22 billion, and 59,965 ETH, worth approximately $119.7 million.
These holdings make the government one of the largest institutional owners of Bitcoin and Ethereum. This is largely due to assets recovered in events like the 2016 Bitfinex hack, where authorities seized 94,000 BTC, now valued at over $8 billion.
Despite these considerable holdings, the recent transfer of BTC and ETH has led to speculation about the government’s long-term strategy. While past government transfers have been linked to short-term price declines, Bitcoin’s price has remained relatively stable after this latest movement, hovering around $86,600.
Historically, large-scale transfers of government-held Bitcoin have often led to sell-offs that dampen market sentiment. A major example occurred in December 2024, when the government moved $1.9 billion worth of Bitcoin to Coinbase Prime, which caused a 5% price dip over three days. However, Bitcoin’s resilience has been evident, as it consistently rebounds after such fluctuations.
Bitcoin’s market price on March 28 sits around $87,200, while Ethereum is trading close to $2,000. Despite the transaction, the market has shown neutral sentiment, with no price changes following the move. This suggests that, for now, the transfer may not indicate an imminent sell-off.
The Executive Order and Strategic Reserve
On March 18, U.S. President Trump signed an executive order creating a Strategic Bitcoin Reserve. This order requires federal agencies to report their cryptocurrency holdings to the Secretary of the Treasury within 30 days. This new policy has added to speculation that the U.S. government’s crypto moves are part of a broader effort to manage and consolidate these holdings in accordance with the administration’s new directives.
The recent transfer of BTC and ETH, valued at $10.23 million, may be part of this effort to align the government’s crypto portfolio with the executive order’s requirements. Rather than a traditional sell-off, this could signal a strategic move to comply with the new regulations.
Bitcoin’s price has seen a slight dip, currently standing at $85,954, reflecting a 1.80% decline over the past 24 hours. The cryptocurrency’s market cap remains at $1.7 trillion, with a 24-hour trading volume of approximately $26.06 billion, showing a 1.90% drop in trading activity.
