Nearly 375k BTC Has Left Coinbase Since April 2020, New Report Reveals

The overall balance on Coinbase, the publicly traded digital exchange, has dropped by about 36.6 percent in the last 24 months due to huge BTC outflows. Reports Shows BTC Exchange Supply Has Decreased The overall Bitcoin balance on Coinbase has reached roughly 650,000 coins, according to Glassnode, a notable on-chain analytics platform, compared to an all-time high of 1,025k BTC in April 2020. Coinbase’s balance has dropped by about 30k BTC in the last week. Since April 2020, bitcoin outflows from digital asset trading platforms have been increasing. In the last two years, the quantity of BTC on exchanges has decreased dramatically. Glassnode mentioned in its weekly on-chain analysis report: “This outflow has dropped the total balance held on Coinbase to 649.5k BTC, bringing it back to levels last seen at the 2017 bull market top. The total Bitcoin balance held by Coinbase has now declined by 375.5k BTC (36.6%) from the ATH reached in April 2020. Large outflows like this one are actually part of a consistent trend in the Coinbase balance, which has been stair-stepping downwards over the last two years.” Nearly 10.8% of the active Bitcoin supply is now held by crypto exchanges throughout the world, the lowest amount in the last three years. Over the last year, the supply has decreased by more than 3%. On the other side, BTC’s illiquid supply has risen to 76 percent, the highest level in ten months. Glassnode stated ...