Massive $1 Billion Bitcoin Withdrawal Shakes Coinbase

Recently, the cryptocurrency market witnessed a significant event when a large amount of Bitcoin was withdrawn from Coinbase. This happened on March 1, during trading hours in Asia, involving a transfer of around 16,000 BTC, which is valued at about $1 billion. This movement was confirmed by several analytics platforms, including Santiment, Arkham, and Coinglass.

Santiment reported a noticeable decrease in Coinbase’s Bitcoin holdings, which dropped from approximately 398,000 BTC to 381,000 BTC. Arkham Intelligence provided more details on this, highlighting two specific transactions that moved Bitcoin from Coinbase to unknown addresses. Similarly, Coinglass confirmed the withdrawal of 16,000 BTC from the exchange.

This significant outflow of Bitcoin from Coinbase occurred amidst a strong performance by Bitcoin in the market, where it has been trading well above $60,000.

source