Coinbase sees third-largest Bitcoin withdrawal in a year with $1.1 billion moved in a day

Quick Take

Coinbase exchange witnessed a massive withdrawal of approximately 16,100 BTC, valued at $1.1 billion, on March 28. According to data from Arkham Intelligence, this substantial outflow occurred in two separate transactions, with the first involving roughly 8,100 BTC worth around $574 million and the second comprising 8,000 BTC valued at approximately $566 million.

Remarkably, this withdrawal ranks as the third-largest from Coinbase in the past year, with all three of these substantial outflows taking place in March, according to Glassnode. Other leading exchanges, such as Binance and Gemini, also experienced notable withdrawals during this period. These substantial movements coincide with Bitcoin’s price consolidation around the $70,000 mark, potentially signaling a shift in investor sentiment or strategic positioning within the digital asset market.