A US government-linked wallet just moved about $1 billion in Bitcoin from the Bitfinex hack, and the market wants to know if a sale is coming. Arkham Intelligence CEO Miguel Morel explains what the transaction trail shows, what it can’t show, and why it’s still unclear whether the coins are being sold or moved to a new custodian. He also breaks down how disposal orders and the Strategic Bitcoin Reserve factor in.

Chapters:00:00 US Government Moves $1B in Bitfinex Hack Bitcoin00:47 Sale or Custody Change? What the Government Might Be Doing01:52 How Arkham Labels Government Wallets03:30 Tracking Bitcoin Treasury Companies Before SEC Filings05:18 Why Exchanges Like Coinbase Can Be a Black Box06:26 Segregated Wallets and Tracking MicroStrategy07:52 How AI Agents Are Using Arkham Today09:42 Is There Any Privacy Left On-Chain?12:02 Does Anonymity Help or Hurt Institutional Adoption?14:12 How Investigators Trace Stolen Funds From Hacks

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