On November 24th and 25th, 50,000 Bitcoin were withdrawn from Coinbase, making it the third-largest withdrawal from the exchange.
In the last two days, 100,000 Bitcoin (BTC) were withdrawn from Coinbase, making it the third-largest BTC withdrawal in Coinbase’s history.
Two withdrawals totaling $50,000
The graph below depicts daily BTC withdrawals and deposits in Coinbase since the beginning of the year.
On November 24, 50,000 BTC were removed from Coinbase. The sum was over $800 million at the time, making it the second-largest BTC withdrawal from Coinbase in 2022.
The following day, on November 25, another 50,000 BTC withdrawal occurred, equating to more than $825 million at the time of writing.
Given that Coinbase is primarily used by large U.S. institutions, it is reasonable to assume that they are taking advantage of the low prices and accumulating BTC, as on-chain data suggests that the bottom of the bear market cycle is near.
Coinbase’s third-largest withdrawal
The graph below depicts Coinbase’s BTC deposits and withdrawals since the exchange’s inception in 2014.
Coinbase reserves lost more than $1.5 billion in BTC in two days with the second 50,000 BTC withdrawals, making it the third-largest BTC withdrawal in Coinbase history.
According to the graph, the largest withdrawal occurred in late 2017, and the second largest occurred in mid-2022 following the Terra (Terra) collapse.
It’s not just Coinbase
According to the data, Coinbase is not the only exchange experiencing large BTC withdrawals. The chart below depicts the BTC balance on all exchanges since January 2018, with a significant drop since January 2022.
The balance on decentralized exchanges has fallen below 12% for the first time since January 20218, according to the data.
To read our blog on “Multicoin expects FTX contagion to wipe out many trading firms,” click here
