Massive Bitcoin movement: Over 18,000 BTC withdrawn from Coinbase, impacting exchange balance significantly.

Quick Take
Data unveiled during Asia hours from Coinbase revealed a sizable withdrawal of over 18,000 Bitcoin, as confirmed by Arkham Intelligence, Glassnode, and Coinglass.

This substantial outflow of nearly $1 billion has significantly influenced Coinbase’s exchange balance. The funds have been sent to several different addresses with the Bitcoin split across new wallets. Balances in the new wallets range from $45 million to $171 million, with all UTXOs from the original transaction having been spent.

Precisely, the exchange now houses approximately 390,000 Bitcoin, valued at around $20.5 billion. This balance represents less than 2% of the total Bitcoin supply on exchanges. Interestingly, this is the lowest proportion Coinbase has held since 2015, marking a shift in the exchange’s holding patterns, according to Glassnode.

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However, it is important to clarify that the motivation for the transfer is as yet unconfirmed, and the Bitcoin has been transferred to wallets that data providers do not tag. UTXO management seems a likely option; however, it is also possible that the funds will provide new liquidity for OTC desks or that the funds have been purchased and transferred into self-custody.

Coinbase’s financial performance also seems to display a bullish narrative. The exchange reported Q4 2023 earnings, declaring a total revenue of $3.1 billion for 2023, with Q4 contributing to one-third of that total.

As a result, Coinbase has experienced a 15% increase in its share price since the start of the year.