Coinbase Sees Massive Bitcoin Exodus Amid Market Surge

Recent activity in the digital asset market has witnessed substantial withdrawals from Coinbase.

This event occurred on Mar. 1 during Asian trading hours and involved a transaction of around 16,000 BTC, equivalent to approximately $1 billion.

Various platforms, including Santiment, Arkham, and Coinglass, have corroborated these reports.

Santiment’s data reveals a notable decrease in Coinbase’s holdings, dropping from about 398,000 to 381,000 BTC.

Arkham Intelligence has provided additional evidence, detailing two transactions from Coinbase to undisclosed addresses.

Coinglass, another platform monitoring digital assets, has also confirmed the movement of 16,000 BTC from the exchange.

This significant withdrawal coincides with a period of substantial growth for Bitcoin, which has been trading well above $60,000.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.