Coinbase sees massive $1 billion Bitcoin withdrawal

Quick Take

Recent developments in the digital asset market have seen massive withdrawals from Coinbase.

The event, occurring on Mar. 1 during Asia trading hours, involved a transaction of approximately 16,000 $BTC, or roughly $1 billion. Confirmations from multiple platforms, including Santiment, Arkham, and Coinglass, have validated this information.

According to data from Santiment, Coinbase saw a significant drop in holdings, falling from approximately 398k to 381k $BTC.

Arkham Intelligence further substantiated this activity, reports detailing two transactions from Coinbase to unidentified addresses. Coinglass, another digital asset monitoring platform, echoed these findings, confirming the departure of 16k $BTC from the exchange.

This substantial withdrawal comes at a time when Bitcoin has been experiencing a considerable surge, trading well above $60,000.