Over 18,000 Bitcoin (BTC) were removed from Coinbase, one of the largest crypto exchanges, according to data from Arkham Intelligence. This move, which cost almost $1 billion, decreased Coinbase’s Bitcoin holdings.
These BTC coins were withdrawn and split among different new wallets; the total amount in these wallets ranged from $45 million to $171 million.
After this redistribution, Coinbase now holds around 390,000 BTC worth around $20.5 billion, which is less than 2% of all Bitcoin that is available on exchanges. This represents its lowest percentage of holdings since 2015.
The destination crypto wallets have not been identified, so the reasons for this large transfer are still unknown. This action has aroused interest and conjecture regarding the possible reasons for making such a large withdrawal.
The exchange seems to be in good financial shape despite this. According to Coinbase’s Q4 2023 earnings report, the year’s total revenue was $3.1 billion, a considerable increase from the previous quarter.
Coinbase’s stock price has increased by over 15% since the year began, indicating that the market has responded favorably to the company’s financial performance.
