Cryptocurrency Exchange Coinbase Sees Massive Bitcoin Outflows

The digital exchange saw nearly $1 billion worth of BTC outflows in the last 24 hours.

Coinbase, one of the largest cryptocurrency exchanges in the world, saw massive Bitcoin outflows yesterday. Nearly $1 billion worth of BTC has left the digital exchange in the last 24 hours.

According to the data published by the blockchain analytics platform, cryptoquant.com, nearly 14,600 Bitcoin left Coinbase in a single day. BTC’s supply at leading digital exchanges has reached its lowest level in more than 2 years.

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Whale Alert, a blockchain tracking and crypto analytics platform, reported a transaction of 4,001 Bitcoin from Coinbase to a cryptocurrency wallet. The total value of the transfer stands at around $216 million. Bitcoin whales are moving the world’s largest cryptocurrency in massive amounts from digital exchanges to anonymous wallets and cold storage to create a supply shortage.

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Bitcoin touched an all-time high of $61,000 earlier this month. As of writing, BTC is trading near $54,000 with a total market cap of $1.09 trillion. BTC is up by more than 80% since the start of 2021. The market dominance of the world’s largest cryptocurrency has reached its lowest level in nearly 3 months amid a surge in Ethereum and other digital assets.

Bitcoin Whales

Finance Magnates reported earlier this week about the accumulation of Bitcoin by BTC whales. Glassnode mentioned that only 36% of the BTC supply has moved in the last 6 months, compared to the movement of 50% of the BTC’s supply during the previous tops. The latest outflows of the digital currency from Coinbase show that Bitcoin whales are moving their cryptocurrency assets to cold storage instead of selling. Coinbase is a dominant name in the crypto market. The custody service of Coinbase accounted for nearly 11% of all cryptocurrency assets in 2020. A crypto whale moved nearly 220 million XRP from Coinbase to a digital wallet in February 2021.

The US-based exchange announced yesterday that the company has allowed inbound transfers for ANKR, CRV and STORJ, and trading of the digital assets will start on 25 March.

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