Coinbase And Binance Witness Significant Bitcoin Outflows Over 44 Days
Over 44 consecutive days, Coinbase and Binance, the two leading cryptocurrency exchange and custodial firms, have seen a total transfer of 76,179 bitcoins, valued at $5.41 billion, out of their platforms.
Despite this trend, recent data reveals that Coinbase and Binance collectively manage approximately 1,570,863 BTC, valued at $111 billion as of Sunday, March 31, 2024. This represents 7.98% of the total circulating supply of 19,669,399 bitcoins, highlighting their significant role as custodians within the digital currency ecosystem.
However, both platforms have experienced reductions in their bitcoin reserves since February 16, 2024. Coinbase’s reserves have decreased by 71,257 BTC, while Binance has seen a withdrawal of approximately 4,922 BTC. In contrast, Robinhood, based in Menlo Park, California, has experienced a net inflow of bitcoin during the same period, increasing its holdings by 7,502 bitcoins to a total of 138,568 BTC according to Arkham’s data.
Clever Robot News Desk 2nd April 2024
