Bitcoin worth $1.5B withdrawn from Coinbase in just 48 hours

in #bitcoin • 2 years ago

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50,000 Bitcoin were withdrawn from Coinbase on Nov. 24 and 25, marking the third-largest withdrawal from the exchange.
A total of 100,000 Bitcoin (BTC) were withdrawn from Coinbase in the past two days, marking the third-largest BTC withdrawal in Coinbase’s history.

Two withdrawals worth 50K
The chart below shows the BTC withdrawals and deposits in Coinbase on a daily basis since the beginning of the year.
glassnode-studio_bitcoin-exchange-net-position-change-btc-coinbase-9-1024x576.png
On Nov.24, 50,000 BTC were withdrawn from Coinbase. The amount equated to over $800 million at the time, which marked the second-largest BTC withdrawal from Coinbase in 2022. The next day, on Nov. 25, another 50,000 BTC withdrawal took place, which equates to over $825 million at the time of writing.

Considering that Coinbase is preferred mainly by large U.S. institutions, it can be said that they are taking advantage of the affordable prices and accumulating BTC, as the on-chain data indicates that the bottom of the bear market cycle might be near.

#coinbase #withdrawbitcoin #litecoin
2 years ago in #bitcoin by
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