Coinbase records third-largest Bitcoin outflow of 2024, totaling nearly $1 billion

exchange68September 10, 2024

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Quick Take

Two transactions originating from Coinbase cold storage were detected around 3 am GMT on May 15. Each transaction involved 8,000 Bitcoin, totaling $493.96 million. Together, these transactions summed up to approximately 16,000 Bitcoins, valued at nearly $1 billion, approximately $988 million, according to Arkham Intelligence.

Bitcoin Transaction from Coinbase: (Source: Arkham Intelligence)

Verification of these transactions was provided by Glassnode and CryptoQuant.

Coinbase’s exchange balance has been steadily decreasing throughout 2024. According to CryptoQuant, the balance commenced the year at roughly 418,000 BTC and is currently at roughly 267,000 BTC.

Coinbase Exchange Balance YTD: (Source: CryptoQuant)

Analyzing Glassnode data reveals that this event marked the third-largest outflow from Coinbase in 2024.

Net Transfer Volume: (Source: Glassnode)

Analyst

James Van Straten

Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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