Bitcoin Holdings on Coinbase Reach Lowest Level Since 2017
Bitcoin’s price has dropped by around 25% from its all-time high, but investor sentiment towards the leading cryptocurrency is improving. Bitcoin holdings on Coinbase, the largest crypto exchange in the US, have reached their lowest level since 2017. Meanwhile, whales are making big bets on Bitcoin.
Whales Withdraw $1 Billion Worth of Bitcoin from Coinbase
According to CryptoQuant analyst data, whales have withdrawn over 18,000 BTC, valued at approximately $1 billion, from Coinbase. These funds have been distributed across multiple new wallets with values ranging between $45 million and $171 million. Coinbase’s public order book now holds around 394,000 BTC worth over $20.5 billion. The funds were moved to non-exchange addresses, likely custodial wallets.
Accumulation Game Strong as Whales Buy Bitcoin
In 2024, large Bitcoin holders with 1,000 to 10,000 BTC accumulated around $13 billion worth of the asset. However, holders with 100 to 1,000 BTC shed their holdings by $7.89 billion. Whales have acquired over 100,000 BTC in just ten days alone, signaling potential price appreciation. The recent whale movements coincide with a market-wide rally sparked by the introduction of spot Bitcoin ETFs. With the Bitcoin halving expected in April, the transfer to custodial wallets may indicate increased confidence in a price surge.
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