Here’s what happened in crypto today

The U.S. government sold off nearly $1 billion worth of BTC it seized from Bitfinex in 2016. Spot Bitcoin ETFs had a massive day with record trading volume and net inflows. Meanwhile, the price volatility caused a glitch at Coinbase with some customers reporting that their account balances were showing zero. 

US gov’t moved $922M of seized Bitcoin 

The United States government transferred $922 million worth of Bitcoin from two cryptocurrency wallets that held funds seized from Bitfinex in 2016. The transfers occurred the same day Bitcoin 
BTC
$62,914
 breached $60,000 for the first time in over two years on Feb. 28.The government seized the funds in 2016 after Bitfinex was hacked for approximately 119,754 BTC, worth over $7.4 billion at its current price.
The transfers occurred a day after Ilya Lichtenstein, a hacker who stole and laundered over $4.5 billion worth of Bitcoin from the Bitfinex exchange, appeared in a Washington court detailing how he pulled off one the world’s largest Bitcoin heists.

Spot Bitcoin ETF volumes shatter record with massive $7.7B traded

United States spot Bitcoin 
BTC
$62,914
 exchange-traded funds (ETFs) have set a new record for daily volume traded — beating the previous tally by over one and a half times.The ten ETFs saw $7.69 billion in volume on Feb. 28, per data posted to X by Bloomberg ETF analyst James Seyffart.
BlackRock’s iShares Bitcoin ETF (IBIT) took up 43.5% of the total — seeing $3.35 billion in trading volume and doubling its previous daily record. 
“The total number of trades was double too, over half a million individual trades [between] them,” Bloomberg analyst Eric Balchunas wrote in a Feb. 28 X post.
The record volumes were later revealed to have contributed to the largest inflow day for United States spot Bitcoin ETFs. 
The record-setting day comes as Bitcoin rallied over 10% to an over two-year high of $64,000.

Coinbase users report zero balance as Bitcoin spikes to $64K

As Bitcoin’s price ripped to $64,000 on Feb. 28, many Coinbase users complained that their account balances were zero.
The zero balance bug was confirmed by Coinbase, which clarified that user assets remained safe.
“We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling. Our team is investigating this & will provide an update shortly. Your assets are safe,” the exchange's support team wrote on X.
The issue appears to have since resolved, with several users reporting that their full balances are showing up on their dashboard.
As the crypto market bull heats up, Coinbase appears well positioned to capitalize, despite occasional technical issues. On Feb. 15, the company reported strong fourth quarter earnings, with net income of $273 million. That was its first quarter of profitability since the 2021 bull market.