The United States government has transferred millions of dollars’ worth of Bitcoin and Ethereum from its reserve, sparking curiosity among market participants.

Market intelligence platform Arkham identified this attention-grabbing Thursday transaction, which sparked speculation among market users. The shift happened specifically at 17:23 (UTC) involving Bitcoin and Ethereum, two assets mentioned in President Donald Trump’s recently created US Crypto Reserve.

US Government Shifts Funds

Arkham’s data shows that the on-chain wallet marked as the US government shifted 97.3 BTC, worth $8.46 million, to two new wallets. Further analysis shows that the funds came from the “Sae-Heng Confiscated Funds” marked government-controlled addresses.

For perspective, the US government confiscated the funds from Wanpadet Sae Heng after allegedly defrauding residents using a pig butchering scheme. US authorities seized the funds with Binance’s aid, impounding 97.3 BTC, 884.3 ETH, 2.56 million DOGE, and 85 million ADA.

Most recently, the wallet moved $10 (0.00011516 BTC) to the address “bc1qs0q,” with the unspent 97.33 BTC ($8.46 million) moved to a change wallet “bc1q7qf.”

Furthermore, the Sae-Heng-tagged US government address also transferred 88.43 ETH worth $1.77 million at 17:43 (UTC) the same day. Then funds were moved to address “0xBf7fb.”

Notably, the US government has been actively moving funds lately. Two weeks ago, the address moved 299 AVAX from funds linked to Brain Krewson.

Bitcoin Reserve Still Intact

Despite the shuffle, the US government still holds 198,012 BTC, worth a staggering $17.04 billion. This is still a significant amount for its Bitcoin reserve, which it plans to fund using “budget-neutral” means.

Moreover, the Bitcoin Act is still early, proposing to buy 1 million BTC over five years. Although Senator Bernie Moreno urged the US Congress to pass the proposal before August, its feasibility remains a huge concern.

Nonetheless, the United States remains the largest sovereign holder of BTC, followed closely by China. The Royal Government of Bhutan and El Salvador occupy the third and fourth positions with 8,971 BTC and 6,129 BTC, respectively.