Two withdrawals worth 50K BTC
The chart below shows BTC withdrawals and deposits to Coinbase daily since the beginning of the year.
On November 24, 50,000 BTC were withdrawn from Coinbase.The equivalent was more than $800 million at the time, marking the second largest BTC withdrawal from Coinbase in 2022. The next day, on November 25, another 50,000 BTC withdrawal took place, equivalent to over $825 million at the time. Considering that Coinbase is mostly favored by major U.S. institutions, it’s safe to say that they are taking advantage of affordable pricing and BTC accumulation, as On-Chain Data indicates that the bottom of the Bear market cycle may be imminent.
Third largest withdrawal in Coinbase history
The chart below shows Coinbase’s BTC deposits and withdrawals since the exchange was launched in 2014. With the second 50,000 BTC withdrawal, Coinbase’s reserves lost more than $1.5 billion in BTC in two days, now marking the third-largest BTC withdrawal in Coinbase’s history.
According to the chart, the most significant withdrawal was recorded at the end of 2017, and the second largest withdrawal took place in mid-2022 after the collapse of Terra.
It’s not just Coinbase
The data shows that Coinbase isn’t the only exchange to have large amounts of BTC withdrawn.The chart below shows BTC balances on all exchanges since January 2018 and could see a significant decline since January 1, 2022.
According to the data, balances on decentralized exchanges fell below 12% for the first time since January 20218.