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.