Sani | TimechainIndex.com@SaniExp
🚨Analysis of Coinbase Wallet Migration – November 22, 2025
On November 22, 2025, Coinbase executed a large-scale wallet migration, moving funds from legacy P2PKH (Pay-to-Public-Key-Hash) addresses to P2WPKH (Pay-to-Witness-Public-Key-Hash) SegWit addresses.
This type of upgrade typically improves fee efficiency, enhances security, and aligns operations with current best practices in Bitcoin address formats.
Transaction Activity
Total transactions: 286
Block range: #924,641 through #924,784
Each transaction corresponded to the movement of a single address being migrated.
Value Transferred
Total BTC moved: 798,636.80107189 BTC
Approximate USD value: ~$68 billion
This represents a consolidation or restructuring of a major portion of Coinbase’s reserves.
Fees Paid
Total miner fees: 0.31236970 BTC
Approximate USD cost: ~$26,500
UTXO Set Impact
UTXOs before migration: 10,810
UTXOs after migration: 286
This indicates significant consolidation, reducing the number of outputs held in these addresses by over 97%, which will lower future transaction fees and streamline wallet management.