Close to 100,000 bitcoin, worth $3.5 billion, has been withdrawn from Coinbase since mid December according to blockchain analytics startup CryptoQuant.
As can be seen above, Coinbase had more than 860,000 bitcoin in December. Now that’s down to 770,000.
Of particular note is a recent dip where 15,000 bitcoin were withdrawn on the 31st of January to an unknown wallet.
That’s worth more than half a billion dollars and probably indicative of a recent purchase, with Coinbase’s reserves gradually declining for the past two months.
Some of it however may well be goin to other exchanges for numerous reasons, including Coinbase Pro somewhat struggling with the influx of new users, leading to some occasional temporary downtime.
However if we look at all tracked exchange reserves, there’s a gradual decline, meaning people are withdrawing presumably to storage wallets.
Some 600,000 bitcoin, worth $21 billion, has been withdrawn from tracked exchanges – that includes the biggest ones like Coinbase, Kraken, Bitstamp, Binance, et al – since March 2020.
Interestingly total reserves have also fallen by 100,000 since December, so suggesting that although some may have gone from Coinbase to other exchanges, $3.5 billion bitcoin has been withdrawn from all exchanges in the past six weeks.
Demand for bitcoin therefore has clearly increased, with many newcomers seemingly opting for cold storage holding rather than keeping it on exchanges.