The crypto market began the week with two major transactions that attracted significant attention from investors. On one side, a Bitcoin “whale” that had not made any moves for seven years suddenly transferred coins worth approximately $188 million. On the other side, the U.S. government also moved nearly $300 million worth of crypto assets to the Coinbase Prime platform.
In both cases, there is currently no evidence that the assets are being prepared for sale. However, in the crypto market, movements involving such large sums are closely scrutinized.
A dormant whale that has been inactive since Bitcoin traded at $6,500
According to data from blockchain analytics firm Arkham, a Bitcoin wallet identified as “356my” transferred 2,931 Bitcoin on Sunday, worth approximately $188 million, after remaining inactive since 2019.
When the coins were transferred to the wallet, Bitcoin was trading at around $6,500. Today, with Bitcoin trading near $63,000, the holdings represent a gain of almost tenfold on the original investment.
Although the coins were not transferred directly to a cryptocurrency exchange, but rather to a new wallet, the reactivation of a dormant wallet after so many years has drawn significant attention from investors.
Why is everyone watching “whales”?
In the crypto market, investors who hold massive amounts of Bitcoin are commonly referred to as “whales.” When a small investor transfers a few thousand dollars to an exchange, it usually has little impact on the market. But when someone moves hundreds of millions of dollars, investors begin to question whether the transfer is preparation for a major sale.
Data from CryptoQuant shows that in 2026, almost all Bitcoin deposits into exchanges have come from these large holders. According to the data, around 99% of all Bitcoin currently flowing into exchanges originates from the ten largest transfers.
Historically, this has been considered a relatively bearish indicator, as large deposits to exchanges often precede selling activity.
However, it is important to remember that not every transfer ends in a sale. In many cases, such moves simply reflect changes in custody arrangements, transfers to new wallets, or the use of institutional asset-management services.
The U.S. government also moved nearly $300 million in crypto
At the same time, the U.S. government carried out one of its largest crypto transfers of the year. According to Arkham, the government transferred 3,940 Bitcoin worth approximately $244 million, along with more than 30,000 Ethereum tokens valued at around $53 million, to Coinbase Prime.
The assets originated from several high-profile forfeiture cases, including funds seized from the BTC-e exchange, the Ryan Farace (“Xanaxman”) case, and a money-laundering investigation involving a former Oracle employee. Here too, the transfer sparked speculation about a possible sale.
The timing of the transaction has drawn attention for another reason. In March 2025, U.S. President Donald Trump signed an executive order stating that Bitcoin seized by the government would become part of the United States’ “Strategic Bitcoin Reserve” rather than being sold.
As a result, when investors saw hundreds of millions of dollars transferred to Coinbase Prime, questions immediately arose over whether the government was changing its approach.
However, experts caution against assuming that a sale is imminent. Coinbase Prime is not merely a trading platform. It is an institutional service that also provides custody, asset management, and financing solutions, meaning the transfer could simply be part of an internal operational process.
Despite these recent transfers, the U.S. government remains one of the world's largest crypto holders. Estimates suggest that government-linked wallets currently hold digital assets worth approximately $20.6 billion, including around 325,000 Bitcoin, 28,000 Ethereum, 146 million USDT tokens, as well as hundreds of Wrapped Bitcoin tokens and other digital assets.