Coinbase Consolidates Nearly 800,000 BTC in Internal Wallet Migration
On-chain trackers and social posts indicate Coinbase has shifted nearly 800,000 BTC — roughly $69.5 billion at current prices — into newly created addresses. The exchange had alerted users on Nov. 22 that it would be "undergoing internal wallet migrations," and the detected transfers align with that notice. Observers noted the moves were spread across multiple addresses and appeared to be internal consolidations rather than immediate sell-offs.
The quantity moved equals about 4% of Bitcoin currently in circulation, a scale that naturally draws market attention. While internal migrations are common as exchanges rebalance hot and cold storage or rotate custody providers, the transfer highlights how large custodians can reposition substantial portions of supply without direct market signals. Traders and analysts will be watching for any subsequent activity that might indicate rebalancing, off-exchange transfers, or operational changes at Coinbase.