In response to onchain knowledge and social media experiences, the crypto alternate Coinbase simply shuffled almost 800,000 BTC—roughly $69.5 billion value—into contemporary wallets. The corporate gave everybody a heads-up on Nov. 22, noting the platform would “endure inside pockets migrations.”
Coinbase Simply Moved 4% of All Bitcoin in Circulation
Coinbase opted to maneuver about 4.01% of the 19,952,526 BTC circulating in the present day in a hefty shift “from legacy inside wallets to new inside wallets.”
Briefly, the cash beforehand sat in P2PKH (Pay-to-Public-Key-Hash) wallets and have now been relocated to upgraded P2WPKH (Pay-to-Witness-Public-Key-Hash) addresses. Btcparser.com noticed the exercise, and onchain analyst Sani, who operates timechainindex.com, additionally flagged the motion.
Coinbase defined in a weblog submit that it was finishing up an onchain fund migration that concerned shifting each BTC and ETH. The corporate emphasised nothing prompted the transfer and that the migration was “deliberate effectively upfront.”
Statistics from btcparser.com present that amongst all addresses holding greater than 1,000 BTC moved to the brand new format, the full exceeds 785,000 bitcoins. Timechainindex.com’s Sani broke it down on X, noting that Coinbase transferred 798,636.80107189 BTC between block heights 924641 and 924784.
Sani added that his knowledge reveals 0.31236970 BTC—round $26,500—in onchain charges have been paid to miners for the migration. “This means important consolidation, decreasing the variety of outputs held in these addresses by over 97%, which can decrease future transaction charges and streamline pockets administration,” Sani defined.
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Naturally, just a few fools on X tried spinning conspiracy tales about whales plotting to pump bitcoin, and—shockingly—none of it holds water. Whereas Coinbase’s personal rationalization leaves wiggle room, Sani’s breakdown checks out. It’s additionally attainable Coinbase shifted funds from P2PKH wallets to P2WPKH addresses as a result of rising issues round quantum computing.
That theme has been constant all through 2025 as rising fears about quantum threats to P2PKH wallets and older codecs like P2PK (Pay-to-Public-Key) have prompted dormant wallets and main holders to undertake extra superior tackle varieties.
Coinbase’s motion stands out as a result of it displays a serious custodial participant proactively modernizing its inside infrastructure at an infinite scale—one thing few entities can execute with out rattling the market. Bitcoin’s value remained regular and unfazed all through the complete course of, at the same time as just a few silly X posts tried—and failed—to fire up drama.
FAQ 💡
- What did Coinbase do?Coinbase migrated almost 800,000 BTC—about 4% of bitcoin’s circulating provide—to new inside wallets.
- Why did the migration occur?The alternate mentioned the transfer was an inside improve deliberate upfront, not triggered by any exterior occasion.
- Did this influence bitcoin’s value? Bitcoin’s value stayed regular all through the migration regardless of deceptive chatter on X.
- Why does this transfer matter?The shift highlights ongoing upgrades towards newer, extra environment friendly pockets codecs and rising concern over future-proof safety.
