Coinbase Just Moved Billions in BTC & ETH — But Is It Really “Routine”?

Coinbase triggered major attention after billions in BTC and ETH moved across its wallets, sparking speculation before the exchange confirmed a planned migration. Now the full on-chain trail shows a coordinated internal shift rather than any market-moving outflow. Coinbase Shifts Billions in BTC and ETH Between Cold Wallets Coinbase is moving billions of dollars in Bitcoin and Ether between its own wallets, according to on-chain data. A new Arkham Intelligence dashboard shows a series of large outflows from Coinbase-labeled cold wallets over the past several hours, with multiple transactions of about 5,500 BTC each, worth roughly 470 to 480 million dollars per transfer. Coinbase Transfers Dashboard. Source: Arkham Intelligence / X At the same time, the funds appear to be heading to fresh addresses that are not tagged as external exchanges, suggesting an internal wallet migration rather than customer withdrawals. The transfers span several Coinbase cold wallets and took place within a short window, indicating a coordinated reshuffle of reserves as the exchange updates or consolidates its storage infrastructure. Coinbase Confirms BTC and ETH Wallet Migration Completed Yesterday, Coinbase completed a planned migration of its Bitcoin and Ethereum wallets after executing a series of large internal transfers. The exchange announced the update on its official platform account, noting that the shift involved moving funds between Coinbase-controlled wallets and newly generated addresses. Coinbase Wallet Migration Update. Source: Coinbase Platform on X At the same time, Coinbase stressed that the activity was routine and aimed at strengthening security standards. The exchange said customers could trade, send, and receive crypto throughout the process, since the migration affected only custodial wallet infrastructure and not user deposit addresses. Furthermore, Coinbase explained that periodic wallet rotations reduce long-term exposure of stored assets. The exchange also clarified that no funds were sold or converted during the operation and that every movement remains traceable on-chain.