$1 Billion in Bitcoin Withdrawn From Coinbase, Bullish for BTC Price?
Coinbase's Bitcoin reserves hit lowewst point in years amid whale activity.
Hovering a little below $52,000, Bitcoin is still down by approximately 25% since its all-time high of the previous bull run. The leading crypto asset, however, is seeing a tremendously improved sentiment among investors.
In fact, Bitcoin holdings on Coinbase, which is a leading crypto exchange in the space and the largest in the US, have fallen to their lowest level since 2017. And whales are betting big on the asset.
Whales Make Big Bets
As per CryptoQuant analyst’s latest data, more than 18,000 BTC, valued at around $1 billion, were identified to have been removed from the platform by whales.
After the withdrawal of such a significant stash of Bitcoin from Coinbase, the funds were distributed across several new wallets, with values ranging between $45 million and $171 million.
Subsequently, Coinbase’s public order book now holds around 394,000 BTC, equivalent to a little over $20.5 billion. CryptoQuant founder Ki Young Ju further revealed that the funds were moved to multiple non-exchange addresses, likely custodial wallets.
18K $BTC moved from Coinbase to multiple non-exchange addresses, likely custodial wallets.https://t.co/QR5QYBnoez pic.twitter.com/s1b9tSx7qj
— Ki Young Ju (@ki_young_ju) February 20, 2024
Accumulation Game Strong
The demand for Bitcoin is evident as whales have engaged in the highest level of activity not seen in nearly two years. In 2024, large holders with 1,000 to 10,000 BTC in their wallets accumulated approximately $13 billion worth of the asset. Meanwhile, those with holdings ranging from 100 to 1,000 BTC shed their holdings by $7.89 billion.
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