In recent weeks, Binance and Robinhood saw modest inflows of approximately 1,302 BTC or $88 million worth of Bitcoin (BTC), with Robinhood acquiring the majority of these assets. In contrast, Coinbase experienced a notable decline in its Bitcoin reserves, with an outflow of 40,406 BTC worth $2.7 billion in the past two months.
Coinbase Sees Hefty Bitcoin Outflows
The past 60 days have seen significant fluctuations in Bitcoin’s value, reaching a high of $72,756 on April 7 and a low of $56,500 on May 1. Currently, the value of Bitcoin in US dollars fluctuates between $67,000 and $68,000.
On April 1, Coinbase’s Bitcoin holdings were close to one million, having briefly surpassed this figure earlier this year. At the time, Coinbase had 928,743 BTC, but as of today the total has dropped to 888,337 BTC, as recorded by Arkham Intelligence. That’s a notable drop of 40,406 BTC in Coinbase’s assets, or a value of $2.7 billion. On April 1, when BTC traded for just over $71,000 per coin, Coinbase’s assets were worth $66 billion.
According to recent data from Arkham, these reserves have fallen to $60.15 billion, taking into account the withdrawals and the price change of BTC. During the same period, Binance experienced a modest increase of 408 BTC, adding approximately $27.6 million to its assets. At the time, Binance had 642,120 BTC. Despite the recent increase, Binance’s Bitcoin assets, which stood at $45.68 billion on April 1, have fallen to $43.36 billion with 642,528 BTC.
Other exchanges see lower outflows
Robinhood’s crypto platform outperformed Binance, absorbing 894 BTC worth an estimated $60.57 million. Sixty days ago, Robinhood controlled 138,568 BTC; with the recent additions, its reserves have increased to 139,462 BTC. Initially, Robinhood’s Bitcoin assets were worth $9.82 billion on April 1, but due to BTC’s price change, they have since dropped to $9.41 billion.
Overall, these three leading exchanges saw a collective exit of 39,104 BTC over the past 60 days, somewhat offset by modest inflows of 1,302 BTC. Data from cryptoquant.com reveals that on April 1, all centralized exchanges held 2,932,042 BTC, while today they hold 2,855,159 BTC worth $192.8 billion.
This indicates that a total of 76,883 BTC has left the centralized exchanges in the last 60 days. Of the total assets held on centralized exchanges, Coinbase’s supply of 888,337 BTC comprises 31.11%. Notably, 52.55% of the BTC leaving exchanges in this two-month period came from Coinbase withdrawals.
Source: https://cryptobenelux.com/2024/06/02/coinbase-registreert-uitstroom-van-40-406-btc-in-60-dagen/
