The outflow of bitcoins from the leading US crypto exchange Coinbase is increasing. The other day, one of the holders of the first cryptocurrency immediately withdrew 8,000 BTC for $300 million.
This major bitcoin holder made a transfer to a private crypto wallet, they say data Blockstream.info block explorer. The transaction has become one of the largest cryptocurrency transfers on Coinbase since early 2022. In total, almost 30,000 BTC have left the exchange over the past week.
According to a report published by Glassnode in March 2022, the total BTC balance on Coinbase has been falling sharply over the past few months:
“The total balance on Coinbase has decreased to the level of 649,500 BTC, returning to the values of 2017. It became 36.6% below the level of April 2020. It is noticeable that large outbound transactions have become a trend at Coinbase.”
The outflow of BTC from Coinbase may occur for objective reasons: digital asset markets are experiencing a downturn, and the reaction of the US Federal Reserve and the performance of major stock indices are not optimistic. At the same time, maintaining a negative trend in the outflow of bitcoins from the Coinbase balance could be affected by the position of the exchange, which practices a continuous process of reconciling sanctions lists with the names and citizenship of people, and also blocks accounts.
Source: Bits
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