TLDR
- Coinbase migrated billions in crypto on Nov 22 for enhanced internal wallet security.
- Transfers involved only Coinbase-controlled wallets and were not user-driven.
- No service outages or customer issues were reported during the wallet migration.
- Coinbase warned of increased phishing attempts during onchain asset movements.
Coinbase has moved billions in Bitcoin and Ether in a large-scale internal wallet migration aimed at boosting security. This scheduled operation, completed on November 22, triggered noticeable onchain activity but involved only Coinbase-controlled wallets. While such movements often spark market speculation, Coinbase confirmed no breach or external threat. The migration highlights evolving security practices in crypto custody as institutions demand stronger safeguards amid rising phishing and digital asset threats.
Major Crypto Transfers Mark Coinbase Wallet Migration
Coinbase initiated a large-scale internal wallet migration on November 22, 2025, moving billions in Bitcoin (BTC), Ether (ETH), and other assets. The migration was announced in advance and took place between 9:00 a.m. and 10:05 p.m. ET. It was part of Coinbase’s routine security procedures to rotate cold storage wallets and reduce long-term risks.
The company confirmed that all transfers occurred between Coinbase-controlled wallets, and there was no connection to external threats or breaches. Blockchain analytics platforms also labeled the new wallets as Coinbase-owned, ensuring transparency throughout the process.
“Moving funds to new wallets periodically allows us to enhance custody and limit exposure,” Coinbase stated in a public communication.
This internal operation was described as routine housekeeping, common among large exchanges. Experts indicated that movements like these are standard procedures in crypto storage management.
Security Measures and Threat Monitoring
Coinbase confirmed that this migration was supported by advanced security technologies, including Multi-Party Computation (MPC) and updated cold storage practices. These methods ensure the company reduces the risk of unauthorized access or single-point failures.
The exchange also issued alerts regarding the risk of phishing attacks. It advised customers to be cautious of unsolicited communications during high-visibility events. Fraudsters may impersonate company representatives to gain access to customer accounts.
Coinbase reminded users that it never requests passwords, wallet keys, or asks for funds to be moved by personal message. “Please use only official support channels for all inquiries,” the company advised in its announcement.
The exchange also noted an increase in phishing attempts that often follow large blockchain movements. These threats are commonly timed to exploit confusion during internal transfers.
Market Conditions and Trading Volumes
During the same period, Bitcoin saw a decline of over 11% every week, falling briefly below $81,000. This marked the weakest performance since March. The broader market also reversed early gains amid weakening risk sentiment and options expiry uncertainty.
Data from reports that Coinbase’s Bitcoin premium index dropped to –0.15%, showing lower U.S. buying interest compared to global averages. This negative premium has continued for more than a month following October’s liquidations.
Despite the correction, U.S. spot Bitcoin ETFs recorded a net inflow of $238.4 million the previous day. BlackRock’s IBIT accounted for nearly $8 billion in trading volume, suggesting active institutional repositioning.
Glassnode reported that daily realized losses exceeded $4 billion on November 22, the highest since the 2023 Silicon Valley Bank crisis.
Regulatory and Industry Response in Asia
Industry analysts have linked Coinbase’s internal changes to broader regulatory trends, especially in Asia. As Coinbase pushes for a national trust charter in the U.S., its security practices could influence global policy development.
Stronger custodial standards may encourage Asian regulators to offer clearer frameworks for fintech startups. This may reduce compliance friction and allow for expanded crypto-based services such as payroll platforms and payment gateways.
By migrating funds in a visible and controlled manner, Coinbase sets a precedent that supports both regulatory transparency and user trust.
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