The United States government has transferred another 5,939 Ethereum (ETH), worth approximately $11.15 million, to Coinbase Prime, according to blockchain analytics firm Lookonchain. This latest deposit brings the total amount of crypto moved by government-linked wallets in under 24 hours to nearly $310 million, stoking fresh fears of a potential sell-off in the market.
Government Wallets Dump Over 3,900 BTC and 35,000 ETH
Lookonchain reported on July 14, 2026, that a wallet tagged as belonging to the U.S. government deposited 5,939 ETH into Coinbase Prime, the institutional trading platform. This transaction followed earlier transfers within the past eight hours that saw 3,941 Bitcoin (BTC), valued at $244 million, and 30,007 ETH, worth $53.09 million, sent to the same exchange.
In total, the government has moved nearly 4,000 BTC and over 35,000 ETH to Coinbase Prime in a single day, with a combined value approaching $310 million. Lookonchain highlighted the activity with a post stating, "The US government is dumping again," underscoring the scale and speed of the transfers.
Market Jitters Over Potential Selling Pressure
While large deposits to exchanges do not automatically result in immediate spot market sales—they could involve over-the-counter trades or administrative actions—the repeated transfers have amplified anxiety among investors. The crypto market, already sensitive to geopolitical tensions, now faces the prospect of a multi-hundred-million-dollar overhang. Traders are closely monitoring the final destination of these assets and their potential impact on prices, as the government's massive crypto holdings continue to loom over the market like a "time bomb."