Coinbase lost over $467,000,000 worth of Bitcoin in the last seven days, according to new data from a crypto intelligence platform. Coinglass reports that Coinbase Pro users withdrew 9,951 BTC worth $467.28 million in the last week alone, as Bitcoin struggles below $50,000.

Coinbase lost over $467,000,000 worth of Bitcoin

During the same time period, the Seychelles-based digital asset exchange OKEx saw outflows of 2,196 BTC worth $103.12 million, according to the analytics firm. OKEx consumers withdrew 748 BTC worth $35.12 million in the last 24 hours.

While Bitcoin holdings on Coinbase and OKEx have dropped significantly, BTC inflows on Binance and Bitfinex have increased.

In just one week, consumers of the global crypto exchange Binance deposited 10,880 BTC worth $510.94 million, according to Coinglass. In the meantime, Bitfinex’s Bitcoin balance increased by 3,505 BTC ($164.33 million) over the same time period.

Coinglass reported that the overall Bitcoin balance on all crypto exchanges increased by 14,166 BTC ($664 million) in the last seven days after accounting for net inflows and outflows.

Despite the fact that the quantity of BTC held in digital asset exchanges increased somewhat this week, Coinglass reports that the Bitcoin balances on all exchanges measure is in a downward trend. Crypto exchanges currently have 1.76 million BTC, according to data from the analytics firm, down nearly 17% from their February 2021 total of 2.1 million Bitcoin.

Massive outflows from Coinbase Pro typically wind up in Coinbase’s cold wallets, which are directly connected to the exchange’s over-the-counter (OTC) desk for custody. As noted in December, institutions often deal over-the-counter to avoid impacting the spot market price. Institutional demand has driven Bitcoin’s rise from its October lows at $10,000. Over the last four weeks, the rise has been explosive, with prices going from $19,000 to over $30,000.

Willy Woo, a well-known on-chain expert, claims that Bitcoin is experiencing a huge supply transfer from whales, or companies with 1,000 BTC or more, to shrimps, or those with less than one BTC. At the moment, whales control 24% of the supply.

Holdings as at 1st Jan of past years:

  • 2021 – 27%
  • 2020 – 27%
  • 2019 – 29%
  • 2018 – 32%
  • 2017 – 39%
  • 2016 – 44%
  • 2015 – 46%
  • 2014 – 48%
  • 2013 – 52%
  • 2012 – 54%

Shrimps are buying the dips, while whales are diving slowly, as they always are. (BTC receives better distribution each year as a result of this process.)”

Source https://techstory.in/crypto-exchange-coinbase-lost-over-467000000-worth-of-bitcoin/

By block head

Block Head is a blockchain journalist.