As per Bitcoin.com, Coinbase recently moved nearly 800,000 BTC—approximately 4% of the total circulating supply—from legacy P2PKH wallets to upgraded P2WPKH addresses. The migration, which occurred between block heights 924641 and 924784, was described by the exchange as a planned internal upgrade. Onchain analyst Sani noted that the move reduced the number of outputs by over 97%, lowering future transaction fees and improving wallet management. The migration did not impact Bitcoin’s price, despite speculative claims on social media.
Coinbase Migrates 800,000 BTC to New Wallets in Major Consolidation Move
Bitcoin.comShare
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.