K33: US Government’s 17,733 BTC Transfer to Coinbase Prime Is Custody, Not a Sale

The distinction matters because the market has repeatedly treated large government-linked wallet movements as de facto supply events, and K33's read pushes back on that reflex. If most of the transfer is custody rather than liquidation, the immediate overhang narrative is weaker than the headline number suggests. The open question is whether the small slice flagged as potentially sale-eligible is actually disposed of, and how future US government wallet activity gets interpreted by a market that has learned to watch these addresses closely.