Coinbase recorded the third-highest volume of Bitcoin withdrawals as 100K BTC tokens were pulled out of the exchange in the last 48 hours.
The first transaction occurred on November 24, when around 50K Bitcoin tokens were removed from the exchange. On November 25, another 50K tokens were withdrawn from Coinbase, reducing the net worth of Coinbase’s Bitcoin assets by over $1.65B.
Interestingly, Coinbase’s CEO, Brian Armstrong, claimed the exchange holds over 2B Bitcoin tokens just a few hours before the first withdrawal occurred.
It is worth noting that the sudden decline in Bitcoin reserves is not unique to Coinbase. According to Glassnode's metrics, many major crypto exchanges witnessed a significant increase in the outflow of Bitcoin over the last month.
The large-scale withdrawal of Bitcoin from exchanges is synonymous with a surge in users who store BTC assets in self-custody wallets. Glassnode recently reported that the number of wallets that hold at least 1 Bitcoin has surpassed the 950K mark.
