A total of 100,000 Bitcoins (BTC) were withdrawn from Coinbase over the past two days, marking the third largest BTC withdrawal in Coinbase history.
2 withdrawals worth 50,000
The chart below shows daily Coinbase withdrawals and deposits of BTC since the beginning of the year.
On November 24th, 50,000 BTC was withdrawn from Coinbase. At the time, that amount equated him to over $800 million, making him his second largest BTC withdrawal from Coinbase in 2022. The next day, on November 25th, he withdrew another 50,000 BTC, worth more than $825 million at the time. write in.
Given that Coinbase is mostly favored by large US financial institutions, they are taking advantage of the affordability as on-chain data indicates the bottom of the bear market cycle may be nearing. You can say that you are accumulating BTC by doing so.
3rd largest withdrawal on Coinbase
The chart below represents BTC deposits and withdrawals on Coinbase since the exchange launched in 2014.
With the second 50,000 BTC withdrawal, Coinbase reserves lost over $1.5 billion in BTC in two days. This is currently his third largest BTC withdrawal in Coinbase history.
According to the chart, the largest withdrawal was recorded in late 2017 and the second largest in mid-2022 after the Terra (Terra) collapse.
Not just coinbase
This data shows that Coinbase is not the only exchange experiencing large BTC withdrawals. The chart below shows BTC balances across all exchanges since January 2018, with a significant drop since January 2022.
Decentralized exchange balances fell below 12% for the first time since January 20218, according to data.