Coinbase Sees Massive BTC Outflow Valued at $970 Million in 24 Hours

IconCryptoNewsTerminal Staff13 Jun, 2024

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Coinbase Sees Massive BTC Outflow Valued at $970 Million in 24 Hours

Coinbase, a prominent cryptocurrency exchange, has experienced a substantial outflow of Bitcoin (BTC) in the past 24 hours. As reported by Cointelegraph, data indicates that an estimated 14,420 BTC, equivalent to $972 million, has been withdrawn from Coinbase Pro. This significant outflow comes amidst a broader trend of BTC withdrawals from Coinbase Pro, with a net outflow of 38,000 BTC over the last 30 days. Experts attribute this trend to various factors, such as investors moving their BTC to other exchanges or personal wallets for custody and security. The recent outflows have resulted in the lowest level of BTC reserves on Coinbase Pro in the last seven years. This has raised concerns among some analysts, who believe it could indicate a loss of confidence in Coinbase or a potential shift in investor sentiment towards self-custody solutions. Overall, the substantial BTC outflow from Coinbase Pro highlights the ongoing dynamics within the cryptocurrency market and the importance of custody options for investors.

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