Bitcoin Whales Move $1 Billion Worth of Assets From Coinbase – What’s Going On?
The amount of Bitcoin (BTC) held on Coinbase has plummeted by almost $1 billion worth of assets as whales move their holdings.
New data from on-chain analytics firm CryptoQuant shows a significant amount of assets moved off the cryptocurrency exchange with analysts suggesting many possibilities.
Per the data, Bitcoin whales have earned over 18,000 BTC from the exchange in the past few days, with figures between $45 million and $171 million.
These recent outflows bring Coinbase’s Bitcoin holdings to the lowest point since 2017. This comes as a worrying move for some, but others see positives.
Bitcoin holdings on Coinbase now stand at 394,000 BTC, which is worth approximately $20.5 billion at the time of writing.
Bitcoin enthusiast Kyle Chasse wrote on X (formerly Twitter) that while the amount of Bitcoin on Coinbase is at its lowest point since 2015, the majority of withdrawals were used as liquidity for OTC desks.
