Coinbase Moves $25B in BTC, ETH to New Cold Wallets

Published: 2025-11-23 15:03:36 |

Coinbase completed a planned on-chain wallet migration, relocating approximately 300,000 BTC (about $25 billion) and millions of ETH from hot wallets into newly generated cold storage addresses. This routine wallet migration, unaffected by market conditions, isolates large crypto holdings behind updated key management. The transfer briefly skewed the Bitcoin Exchange Reserve metric, which will correct once new addresses are recognized. Coinbase reassured users that balances remain unchanged and cautioned against phishing scams, emphasizing its industry-leading security practices.

Neutral

This wallet migration is a routine, pre-planned security measure and not driven by market movements or distress. While it underscores Coinbase’s robust key management and briefly affected on-chain metrics, it doesn’t alter circulating supply or signal sell-offs. Traders can expect minimal price impact short-term, with long-term benefits in platform security but no direct pressure on BTC or ETH prices.