Dormant US Government-Linked Address Deposits 140 Bitcoin to Coinbase Prime After Four Years

A US government-linked cryptocurrency address that had been dormant for four years transferred Bitcoin to Coinbase Prime.

Lookonchain said on July 13 that a US government-linked address beginning with bc1qhr deposited 140.214 Bitcoin, worth about $8.79 million, into Coinbase Prime.

Exchange deposits are generally interpreted as a sign of potential selling pressure. But because Coinbase Prime offers trading, custody and financing services for institutional investors, the transfer may have been made for purposes other than an outright sale.