More than 2,241 Bitcoin—valued at $142.9 million—moved from an unknown wallet into Coinbase Institutional, leading a wave of institutional inflows that dominated on-chain activity.

Additional transfers into Coinbase Institutional from unknown wallets included 923 BTC ($59.2 million), 1,137 BTC ($72.9 million) and roughly 887 BTC ($57.4 million), putting total inflows to the platform above $330 million across those four transactions alone.

The buying pressure had a counterpart. Three outflows from Coinbase Institutional to unknown wallets—813 BTC ($52.1 million), 3,399 BTC ($216 million) and 3,968 BTC ($239 million)—collectively dwarfed the inflows, suggesting large over-the-counter settlements or cold-storage redistribution.

Kraken moved aggressively as well, sending five separate transfers to unknown wallets: 1,122 BTC ($71.5 million), 1,793 BTC ($114.3 million), 1,049 BTC ($67.3 million), 1,790 BTC ($115 million) and 1,045 BTC ($67 million). That is roughly $435 million leaving the exchange in one session—classic OTC-desk behavior.

Wallet-to-wallet flows added further weight. A single transfer of 6,196 BTC ($397.3 million) moved between unknown addresses, followed by 8,144 BTC ($524.1 million) and a separate 1,791 BTC ($114.7 million). Those three transactions alone account for more than $1 billion in peer-to-peer movement outside any named exchange.

On the stablecoin side, 120 million USDC ($119.9 million) flowed from an unknown wallet into Coinbase Institutional. Circle's USDC Treasury separately minted 250 million USDC, expanding circulating supply.

Aave saw a notable round-trip: 180 million USDC moved out to an unidentified large holder, then 180,027,775 USDC came straight back. That is a textbook collateral rebalance or loan rollover inside the protocol—nothing exotic, but the size confirms this wallet is running serious DeFi leverage.

Morgan Stanley downgraded Circle, citing slowing USDC growth and rising competition in the stablecoin market.

On the regulatory front, U.S. senators urged the SEC to investigate the TRUMP meme coin following an alleged fraud after the token collapsed 98 percent, drawing scrutiny to the broader meme coin sector.

A separate transfer of 102,817,878 USDT ($102.8 million) moved from an unknown wallet to Bitfinex.