Coinbase: Wallet Migration Imminent, Large On-chain Transfer to New Address Considered a Planned Operation

February 7th. According to official sources, Bithumb has issued a follow-up announcement about its "Bitcoin Airdrop" event. The platform stated that yesterday during reward distribution, an input error in the Bitcoin amount caused some customers to receive a large Bitcoin airdrop. Using its internal system for detecting abnormal transactions, Bithumb restricted trading and withdrawals for 695 customers within 35 minutes of the erroneous transfer. Over 99% of the erroneous funds have been recovered, minimizing customer losses with swift action. Recovery of the remaining unrecovered assets is ongoing. Details are as follows: · Erroneous transfer amount: 620,000 BTC (2.95% of total Bitcoin supply) · Amount recovered: 618,212 BTC (approximately 99.7% of the total) · 93% of the 1,788 BTC that was sold, plus equivalent assets (KRW and other virtual assets), has also been recovered · (Confirmed: the erroneously transferred Bitcoin was not sent to external addresses) BlockBeats

On February 7, cryptocurrency reporter Eleanor Terrett took to social media, citing banking industry sources, to note that the White House has scheduled a new round of talks between the crypto industry and banks regarding stablecoin yields—set for next Tuesday. The meeting is expected to stay at the staff level but will be the first time bank representatives attend alongside industry trade groups.

On February 7th, Onchain Lens monitoring shows Circle minted an additional 1.5 billion USDC on Solana over the past 9 hours. To date, Circle’s total USDC issuance on the Solana network has reached $14.75 billion as of 2026.

**February 7 Update** Per Coinglass data, Bitcoin rebounded nearly 20% from its daily low to hit $71,751 at one point—but current funding rates across major CEXs and DEXs still signal a bearish market (see the attached chart for specific rates). **BlockBeats Note** Funding rates are set by crypto exchanges to align perpetual contract prices with underlying asset values. They facilitate fund transfers between long and short traders (exchanges do not charge this fee) and adjust traders’ holding costs or profits to keep contract prices close to spot. - 0.01% = baseline rate - >0.01% = bullish market sentiment - <0.005% = bearish market sentiment

February 7: Bitcoin rallied this morning to hit $71,751, per HTX market data, up 19.58% from its intraday low of $60,000. That marks the largest single-day price gain in this bull-bear cycle.

On-chain data analyst Wu Jinyan reported on February 7 that Yihui’s subsidiary Trend Research has transferred a total of 630,400 ETH (valued at roughly $1.294 billion) to Binance. Only 21,300 ETH (about $43.94 million) remains in its on-chain holdings. Since 96% of its ETH has been sent to a trading platform—far exceeding the amount required to unwind leverage—complete liquidation is highly probable.