Coinbase sees massive $1 billion Bitcoin withdrawal

exchange68September 11, 2024

0 0 1 minute read

Quick Take

Recent developments in the digital asset market have seen massive withdrawals from Coinbase.

The event, occurring on Mar. 1 during Asia trading hours, involved a transaction of approximately 16,000 BTC, or roughly $1 billion. Confirmations from multiple platforms, including Santiment, Arkham, and Coinglass, have validated this information.

According to data from Santiment, Coinbase saw a significant drop in holdings, falling from approximately 398k to 381k BTC.

Coinbase Exchange Balance: (Source: Santiment)

Arkham Intelligence further substantiated this activity, reports detailing two transactions from Coinbase to unidentified addresses. Coinglass, another digital asset monitoring platform, echoed these findings, confirming the departure of 16k BTC from the exchange.

Bitcoin Outflow from Coinbase: (Source: Arkham Intelligence)

This substantial withdrawal comes at a time when Bitcoin has been experiencing a considerable surge, trading well above $60,000.

Analyst

James Van Straten

Former 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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