Ethereum Transfer from U.S. Wallet Fuels Talk of Incoming Dump
A recent Ethereum transfer by a U.S. government-controlled wallet has sparked speculation across the crypto market.
According to data from Arkham Intelligence, roughly 86.56 ETH—valued at around $200,000—was moved to a Coinbase Prime deposit address, a platform often used by institutions for discreet trading.
The funds originated from a wallet tied to a 2022 asset seizure involving Chase Senecal, also known by the alias “Horror,” who was linked to a series of NFT scams and hacking incidents. The transaction began with a small $10 test transfer before the larger deposit was executed.
Though the amount is relatively minor compared to Ethereum’s overall market, movements from government-controlled wallets are closely monitored due to their potential market impact. Past transfers of seized crypto assets to exchanges have typically preceded liquidation events.
Coinbase Prime, known for facilitating over-the-counter trades, allows for large-scale crypto sales without immediate disruption to public order books. However, even modest transactions like this can influence sentiment, particularly if they hint at more sales to come.
No sell order has been confirmed yet, and Ethereum’s price has remained mostly stable, trading around $2,530 with minimal hourly movement. Still, the presence of U.S. government ETH on an exchange has traders watching closely for what might come next.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
