Around 50,000 Bitcoins (BTC) were withdrawn from Coinbase on Oct. 18, marking the first time such a large amount of flagship tokens have left the exchange since June.
The chart below shows Bitcoin withdrawals from Coinbase since the beginning of the year as an orange line.
According to the chart, Coinbase has been steadily losing its Bitcoin reserves since late March. Withdrawals accelerated after the Terra Luna crash that resulted in the coldest winter in cryptocurrency history.
This brings Coinbase’s reserves to around 525,000 Bitcoins. This is 22% less than the roughly 680,000 BTC held at the beginning of the year.
Not just coinbase
Losing Bitcoin is a common problem for all crypto exchanges, as Coinbase suffered the most recent blow.
The graph above shows the Bitcoin balances held by all crypto exchange platforms, showing a steady decline since the beginning of the year, alongside Coinbase.
In January 2022, approximately 2.27 million Bitcoins were held on exchanges. As of October 18, that volume was just over 2.23 million, down 14.7% from the beginning of the year.
The decline is steady despite the bearish market sentiment that has been dominant since May.
binance collects
Major exchange platform Binance seems to be the exception of exchanges losing Bitcoin.according to crypto slate According to the August report, Binance only lost BTC between February and May.
Binance experienced a massive withdrawal of Bitcoin just before the start of the bear market. Bitcoin reserves on Coinbase were stable during February and March when Binance fell.
Binance began accumulating bitcoin after the bear market hit in May, while Coinbase and all other exchanges lost large amounts of bitcoin.
