44-Day Bitcoin Drain: Coinbase and Binance Shed 76,179 BTC in Less Than 2 Months
Recent figures show that over a span of 44 consecutive days, 76,179 bitcoins, worth $5.41 billion, have been moved out of Coinbase and Binance, the two leading cryptocurrency exchange and custodial firms by reserve size and total trade volume.
Robinhood Bucks Trend With Bitcoin Inflows as Coinbase and Binance Face Outflows
A significant volume of bitcoin (BTC) is currently in the possession of two prominent players in the cryptocurrency arena, as data shows that Coinbase and Binance collectively manage roughly 1,570,863 BTC, valued at $111 billion, as of Sunday, March 31, 2024.
This stockpile represents 7.98% of the total circulating supply of 19,669,399 bitcoins, signifying that these two platforms are pivotal custodians within the digital currency ecosystem. Although the sums involved are substantial, both crypto firms had significantly larger bitcoin reserves 44 days earlier, when Coinbase held over 1 million BTC.
Coinbase bitcoin (BTC) reserves on March 31, 2024.
On Feb. 16, 2024, the value of Coinbase’s 1 million bitcoins stood at approximately $52 billion, with BTC priced at $52,000 each. As per the latest figures from Arkham Intelligence, Coinbase’s bitcoin reserves have diminished to 928,743 BTC. This reduction indicates that Coinbase, based in San Francisco, has parted with 71,257 BTC since Feb. 16, either due to customer withdrawals or other types of transactions.
Similarly, Binance’s bitcoin reserves have decreased, albeit less substantially than Coinbase’s. Since Feb. 16, Binance experienced a withdrawal of approximately 4,922 BTC, decreasing from 647,042 BTC to 642,120 BTC, based on onchain data.
Binance bitcoin (BTC) reserves on March 31, 2024.
In total, 76,179 BTC, valued at $5.41 billion at today’s exchange rates, have been withdrawn, whether transferred to other platforms, investment funds, or returned to owners in a noncustodial manner.
Robinhood bitcoin (BTC) reserves on March 31, 2024.
Conversely, during the same 44-day period, Robinhood has seen a net inflow of bitcoin. The Menlo Park, California-based cryptocurrency firm now reports holding 138,568 BTC, according to Arkham’s data. This marks an increase from the 131,066 BTC it had on Feb. 16, indicating that 7,502 bitcoins have been added to Robinhood’s platform since then.
What do you think about the reduction in bitcoin reserves over the past 44 days? Share your thoughts and opinions about this subject in the comments section below.
