Coinbase Bitcoin reserves have experienced a significant outflow recently, causing the exchange’s BTC holdings to plunge to their lowest level in nine years, according to data from blockchain analysis firm Glassnode.
Notably, Bitcoin (BTC) is currently trading at $67,095.22, representing a 2.78% increase over the past 24 hours. Indeed, with a market cap of $1.32 trillion, Bitcoin continues to dominate the crypto market, accounting for a significant portion of the overall market capitalization.
Coinbase Bitcoin Reserves Hit a Historic Low
Coinbase’s visible Bitcoin supply dwindled to about 345k Bitcoins, valued at over $23.1 billion. This figure represents a substantial decrease from prior highs. Certainly, the exchange’s BTC reserves have been steadily declining over the past few months, and the recent outflow has accelerated this trend.
Notably, the market has seen over 25,000 BTC, worth roughly $1.6 billion, moved to what are known as accumulation addresses. This move represents the largest inflow to such wallets this year, signaling strong investor confidence. Meanwhile, anonymous wallets have transferred an overwhelming $2.3 billion worth of BTC in a single day, according to Whale Alert, a respected cryptocurrency tracking service.
Interestingly, a noteworthy transaction involved a transfer of 8,172 BTC, valued at over $519 million. The significant transaction transferred from Coinbase to an unidentified new wallet. Coinbase’s public order book now displays a reduced balance, reflecting these recent transactions. The current valuation of the Coinbase Bitcoin reserves on the exchange surpasses $23.1 billion, a figure that continues to pique the interest of traders and analysts alike.
It is important to note, Bitcoin (BTC) continues to show resilience. It’s currently trading at $67,095.22, marking a 2.78% increase over the past 24 hours. This positive movement comes despite the earlier negative news. Bitcoin’s market cap remains strong at $1.32 trillion. This demonstrates its continued dominance within the cryptocurrency market.
Above all, the movement of a significant amount of Bitcoin into Coinbase’s institutional wallet indicates a deepening interest from institutional investors. With Coinbase holding custody of 90% of all Bitcoin ETFs, the shift underscores the platform’s pivotal role in institutional cryptocurrency investment.
