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CDS Crypto News Coinbase Bitcoin Withdrawal: Exchange Sees Lowest Confirmed Supply in 9 Years

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Coinbase Bitcoin Withdrawal: Exchange Sees Lowest Confirmed Supply in 9 Years

Coinbase Bitcoin withdrawal has seen a massive increase.

lectertodd19/02/20241 Mins read364

Coinbase Bitcoin Withdrawal: Exchange Sees Lowest Confirmed Supply In 9 Years

Crypto News – As confirmed by Arkham Intelligence, Glassnode, and Coinglass, data released by Coinbase during Asia hours showed a substantial withdrawal of more than 18,000 Bitcoin.

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Coinbase Bitcoin Withdrawal: Exchange Sees Lowest Confirmed Supply in 9 Years

The exchange balance of Coinbase has been greatly impacted by this large outflow of about $1 billion. Bitcoin has been divided between new wallets, and the funds have been distributed to many addresses. After all the UTXOs from the initial transaction were spent, the balances in the new wallets ranged from $45 million to $171 million.

A Change in the Exchange’s Holding Patterns

In fact, the exchange currently holds about 390,000 Bitcoin, which is worth about $20.5 billion. Less than 2% of all Bitcoin is available on exchanges as of this balance. Interestingly, according to Glassnode, this is the lowest percentage Coinbase has kept since 2015, indicating a change in the exchange’s holding practices.

It is imperative to make it clear that the reason behind the movement of Bitcoin is still unknown, and that the funds have been moved to wallets that are not tagged by data providers. Alternatively, the funds might have been bought and moved into self-custody, or they might offer fresh liquidity for OTC desks.

Sources:cryptoslate

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lectertodd

Lectertodd is 28 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

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