Coinbase will begin wallet migration; large on-chain transfers are normal practice.

Odaily reports that Coinbase announced it will begin a wallet migration in 30 minutes. During this time, users may see large on-chain transfers between Coinbase-controlled wallets and new Coinbase wallets. This is a planned operation designed to help Coinbase maintain the highest level of security standards in the industry.

During the migration, users can still trade, send, and receive crypto assets normally, as this is only a wallet migration and is not expected to cause any downtime for Coinbase products. Deposit addresses used for deposits will also be unaffected.