About 544,000 BTC moved on Nov 22, 2025 in 200 identical sweeps. It was Coinbase’s internal wallet migration, not new buyers

On November 22, 2025, roughly 544,000 BTC moved in 200 near identical transactions. Each one swept a single old legacy address into a single new bc1q address. No change output, same fee rate, all within about 10 hours. Most of those coins had sat for 1 to 5 years. Coinbase announced it that day as a planned internal wallet migration. Arkham labels the receiving side as Coinbase.

On chain those coins now look like they were bought at around $84k. They weren’t. And none of the 200 new addresses has spent a single coin since.

From my own node: every coin that moved that day is still unmoved. About 89% of the volume sits in those 200 one in, one out sweeps. 63% of the coins had been dormant 1 to 5 years (the rest 1 to 12 months). As of Oct 27, these coins represent about 9% of all BTC currently underwater.

Any cost basis chart (realized price, supply walls, percent of supply underwater) treats this day as fresh buying at around $84k. Removing just that one day drops the share of bitcoin underwater from 33.6% to 31.5%. This is a single exchange moving its own coins, not a cohort of buyers who might sell when price returns to their cost basis. I also looked at historical supply walls back to 2013. They didn’t act as support more often than chance.

Data: every coin still unmoved from that day, on my own node. Labels from Arkham. Coinbase’s own announcement from Nov 22, 2025