100,000 Bitcoin Were Withdrawn From Coinbase

100,000 Bitcoin (BTC) worth $1.6 Billion were withdrawn from Coinbase in the last two days, which currently marks two out of the three largest BTC withdrawals in Coinbase’s history.

The graph below displays BTC deposits and withdrawals from Coinbase from January to November 2022.

On 24 November 2022, Coinbase witnessed a withdrawal of 50,000 Bitcoin BTC which is valued at over $800 Million, and the transaction was the second-largest BTC withdrawal from this crypto exchange in 2022. On 25 November, an additional withdrawal of 50,000 BTC from Coinbase was conducted, which equals over $825 Million at the time.

Before these two withdrawals were processed, Brian Armstrong, the Co-Founder & CEO at Coinbase, stated that the company holds about 2 million Bitcoin, which equated to ~ $39.9 billion worth as of 30 September 2022. With the total withdrawal of 100,000 BTC, the Coinbase fund lost more than $1.6 billion worth of BTC in just two days.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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