Coinbase Faces Massive Bitcoin Withdrawal

Odaily Planet Daily News: During today’s Asian session, a huge Bitcoin withdrawal occurred on Coinbase! According to data from Arkham Intelligence, Glassnode and Coinglass, more than 18,000 Bitcoins worth nearly $1 billion were withdrawn. This massive outflow severely impacted Coinbase’s exchange balance. The funds were sent to several different addresses, with balances in the new wallets ranging from $45 million to $171 million. It is worth noting that all UTXOs in the initial transaction have been spent. Currently, Coinbase holds approximately 390,000 Bitcoins, worth approximately $20.5 billion. This balance represents less than 2% of the exchange’s total Bitcoin supply, the lowest proportion since 2015. Additionally, earlier today, the Coinbase merchant payment platform has removed support for native Bitcoin and other UTXO tokens. CEO Brian Armstrong said having a Coinbase account is now required to make merchant payments.