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Bitcoin traders often treat old-coin movement as a sign that long-term holders are waking up. Coinbase’s $69.5 billion BTC migration suggests that signal may be less reliable than it looks.
Coinbase said it would urge its users to conver to compliant stablecoins like Circle's USDC.
The development positions BNY Mellon to challenge Coinbase's current dominance in crypto asset management.
Coinbase is a publicly listed digital asset platform that operates one of the largest regulated crypto exchanges in the United States.
