Coinbase Bitcoin reserves have experienced a significant outflow recently, causing the exchange’s BTC holdings to plunge to their lowest level in nine years, according to data from blockchain analysis firm Glassnode.
![](https://coinchapter.com/wp-content/uploads/2024/03/BTC_1D_graph_coinmarketcap.jpg)
Notably, Bitcoin (BTC) is currently trading at $67,095.22, representing a 2.78% increase over the past 24 hours. Indeed, with a market cap of $1.32 trillion, Bitcoin continues to dominate the crypto market, accounting for a significant portion of the overall market capitalization.
Coinbase Bitcoin Reserves Hit a Historic Low
Coinbase’s visible Bitcoin supply dwindled to about 345k Bitcoins, valued at over $23.1 billion. This figure represents a substantial decrease from prior highs. Certainly, the exchange’s BTC reserves have been steadily declining over the past few months, and the recent outflow has accelerated this trend.
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Notably, the market has seen over 25,000 BTC, worth roughly $1.6 billion, moved to what are known as accumulation addresses. This move represents the largest inflow to such wallets this year, signaling strong investor confidence. Meanwhile, anonymous wallets have transferred an overwhelming $2.3 billion worth of BTC in a single day, according to Whale Alert, a respected cryptocurrency tracking service.
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Interestingly, a noteworthy transaction involved a transfer of 8,172 BTC, valued at over $519 million. The significant transaction transferred from Coinbase to an unidentified new wallet. Coinbase’s public order book now displays a reduced balance, reflecting these recent transactions. The current valuation of the Coinbase Bitcoin reserves on the exchange surpasses $23.1 billion, a figure that continues to pique the interest of traders and analysts alike.
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It is important to note, Bitcoin (BTC) continues to show resilience. It’s currently trading at $67,095.22, marking a 2.78% increase over the past 24 hours. This positive movement comes despite the earlier negative news. Bitcoin’s market cap remains strong at $1.32 trillion. This demonstrates its continued dominance within the cryptocurrency market.
Above all, the movement of a significant amount of Bitcoin into Coinbase’s institutional wallet indicates a deepening interest from institutional investors. With Coinbase holding custody of 90% of all Bitcoin ETFs, the shift underscores the platform’s pivotal role in institutional cryptocurrency investment.
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