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In recent weeks, Binance and Robinhood observed a modest influx of approximately 1,302 BTC or $88 million in bitcoin, with Robinhood acquiring the majority of these assets. Conversely, Coinbase experienced a noticeable decrease in its bitcoin reserves, witnessing an outflow of 40,406 BTC valued at $2.7 billion in the past two months.
Coinbase, Binance, and Robinhood See Shifting Bitcoin Reserves Over 60 Days
The last 60 days have seen significant fluctuations in bitcoin’s value, peaking at $72,756 on April 7 and dropping to a low of $56,500 by May 1. Currently, bitcoin’s value in U.S. dollars hovers between $67,000 and $68,000. On April 1, Coinbase’s bitcoin holdings were close to one million, briefly exceeding this figure earlier in the year.
At that time, Coinbase held 928,743 BTC, but as of today, the total has decreased to 888,337 BTC, as recorded by Arkham Intelligence. That’s a notable decline of 40,406 BTC in the holdings of Coinbase, or a value of $2.7 billion. On April 1, when BTC was trading at slightly above $71,000 per coin, Coinbase’s assets were worth $66 billion.
According to recent data from Arkham, these reserves have decreased to $60.15 billion accounting for the withdrawals and BTC’s price change. Over the same period, Binance experienced a modest increase of 408 BTC, adding approximately $27.6 million to its holdings. At the time, Binance held 642,120 BTC. Despite the latest increase, Binance’s bitcoin assets, which stood at $45.68 billion on April 1, have fallen to $43.36 billion with 642,528 BTC.
Robinhood’s crypto platform performed better than Binance, absorbing 894 BTC valued at an estimated $60.57 million. Sixty days ago, Robinhood managed 138,568 BTC; with the recent additions, its reserves have risen to 139,462 BTC. Initially, on April 1, Robinhood’s bitcoin assets were valued at $9.82 billion, but due to BTC’s price change, they have since decreased to $9.41 billion.
Overall, over the past 60 days, these three leading exchanges saw a collective departure of 39,104 BTC, offset slightly by the minor 1,302 BTC inflow. Data from cryptoquant.com reveals that on April 1, all of the centralized exchanges possessed 2,932,042 BTC, while today they hold 2,855,159 BTC valued at $192.8 billion.
This indicates that a total of 76,883 BTC departed from all of the centralized exchanges in the past 60 days. Of the total assets held on centralized exchanges, Coinbase’s stash of 888,337 BTC constitutes 31.11%. Notably, 52.55% of the BTC that left exchanges over this two-month span originated from withdrawals at Coinbase.
What do you think about Coinbase shedding 40,406 bitcoins over the last 60 days? Share your thoughts and opinions about this subject in the comments section below.