Is the US government selling currency? Regarding this point, @ glxyresearch's analysis is worth taking a look at. Galaxy did not declare the transfer of this wave of US government related Bitcoin to Coinbase Prime as sold. Their on chain post the day before yesterday was about source decomposition and position accounting: confirming that the coins were deposited into the US government's Coinbase Prime deposit address, pointing out that nearly half of the funds were recovered from Bitfinex, and explaining that about 70% of the tracked address balance is not yet confirmed government property. Summarize the key points of Galaxy's post: 1. Transfer scale The caliber of Galaxy is about 9261 BTC in total over two days, at a price of about 770 million US dollars at that time. Among them, there were about 8428 on October 7th and 834 the day before. The source is divided into three parts: Nearly half of the funds were recovered from the Bitfinex hacking case in 2016, a portion came from known Binance related seizures, and an additional 2456 items were not previously labeled by the government. 2. Galaxy's reasons for the transfer Galaxy has tentatively designated this batch as a new law enforcement seizure for one reason only: They entered the same deposit address of the US government on Coinbase Prime, following the same path as the marked government funds. This deposit address was first used in December 2025 and received a total of 11567 BTC. Among them, 6406 are from marked US government addresses, and 5160 are from unmarked addresses. The marked addresses were only used in small quantities in April and May, and 926 were transferred in July. It was only this week that the volume increased significantly. Since April, the unmarked address has been used to deposit coins to this address according to the same process. According to the marked government address, the outflow on that day ranked 9th among the largest single day outflows since 2013, and also the largest since December 2, 2024. Galaxy has recorded 6134 transactions related to government addresses since 2013 (excluding internal transfers between government addresses), with a total inflow of 555260 and outflow of 236173. 3. How many big cakes does the US government still hold, and which ones cannot be considered government? The balance of government related addresses is about 319086, with a peak of 352587 on August 13, 2024. Galaxy divides its holding history into two segments: From 2013 to 2015, the Judicial Police Department auctioned off most of the Silk Road related coins; After 2020, the speed of seizure is significantly higher than the speed of sale. About 71% of these addresses are not yet confirmed government property. 1) Approximately 127271 coins related to LuBian/Prince Group, corresponding to the civil confiscation lawsuit filed by the Ministry of Justice against Chen Zhi in October 2025. These coins will enter addresses classified as government in June and July 2024, and Galaxy will be included from then on; 2) Bitfinex recovered approximately 94643 main addresses. The federal court approved the return of this batch of coins to Bitfinex in January 2025, and at the time of analysis, the primary address had not yet been moved. So Galaxy's viewpoint can be summarized in three sentences: 1) This wave is government related addresses depositing money into Coinbase Prime; 2) Nearly half of them are related to Bitfinex's recovery of funds, and about 2456 coins were newly returned along the same path; 3) The large amount in the tracking balance is still subject to return or confiscation procedures, and the transfer itself is not evidence of being sold. Galaxy Analytics original recommendation https://(x.com)/glxyresearch/status/2107983859421946264