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Reports from CryptoQuant reveal that Bitcoin holdings on Coinbase, a prominent crypto exchange, have plummeted to their lowest levels in nine years. Over the weekend, whales orchestrated the withdrawal of 18,000 Bitcoins—equivalent to nearly $1 billion—from Coinbase, with transfer values ranging from $45 million to $171 million. As a result, Coinbase’s public order book now contains approximately 394,000 BTC, valued at an estimated $20.5 billion.

 

 

 

 

The substantial movement of BTC away from centralized exchanges, particularly Coinbase, is often interpreted as a bullish indicator, signaling a reduction in available Bitcoin for sale. While some users on social media view this as a strategic shift to custodial wallets in anticipation of an impending price surge linked to the upcoming Bitcoin halving, which is just two months away, others speculate that the transferred funds might serve as liquidity for over-the-counter (OTC) trades. The community remains divided on the true nature and implications of these significant transfers.

 

 

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