Over $467,000,000 Worth of Bitcoin Leaves Crypto Exchange Coinbase in Just One Week: Analytics Firm Coinglass
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New data from a crypto intelligence platform reveals that nearly 10,000 Bitcoin (BTC) left US-based crypto exchange Coinbase in the last seven days.
Coinglass shows that Coinbase Pro users collectively withdrew 9,951 BTC worth $467.28 million in the last week alone as Bitcoin continues to struggle below the $50,000 level.
The analytics firm also shows that Seychelles-based digital asset exchange OKEx recorded outflows of 2,196 BTC worth $103.12 million over the same timeframe. In the last 24 hours, OKEx users withdrew 748 BTC worth $35.12 million.
While Coinbase and OKEx are seeing considerable drops in their Bitcoin balances, Binance and Bitfinex are registering upticks in BTC inflows.
Coinglass shows that users of global crypto exchange Binance deposited 10,880 BTC worth $510.94 million in just one week. Meanwhile, digital asset exchange Bitfinex saw its Bitcoin balance rise by 3,505 BTC ($164.33 million) over the same time period.
Accounting for net inflows and outflows, Coinglass reports that the total Bitcoin balance on all crypto exchanges surged by 14,166 BTC ($664 million) in the last seven days.
Although the amount of BTC stored in digital asset exchanges saw a modest climb this week, Coinglass reveals that the Bitcoin balances on all exchanges metric continues to be in a downtrend. Data from the insights firm shows that crypto exchanges currently hold 1.76 million BTC, down nearly 17% from its February 2021 balance of 2.1 million Bitcoin.
Popular on-chain analyst Willy Woo says that Bitcoin is going through a large trend of supply transfer from whales, or entities that hold 1,000 BTC or more, to shrimps or holders of less than one BTC.
“Whales currently hold 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, whales slowly divest, same as ever. (BTC gets better distribution every year through this process).”
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