Another $2B worth of Bitcoin withdrawn from Coinbase over weekend Another $2B worth of Bitcoin withdrawn from Coinbase over weekend
Nearly 50,000 Bitcoin are withdrawn from Coinbase daily between Nov. 23 and Nov. 27 — equating to roughly $3 billion.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Coinbase experienced withdrawals totaling roughly $2 billion worth of BTC over the weekend of Nov. 26 to Nov. 27, bringing the total amount withdrawn since Nov. 24 to $3.5 billion.
Roughly $1.5 billion worth of Bitcoin (BTC) was withdrawn from the exchange between Nov. 24 to Nov. 25.
The exchange’s reserves have been losing around 50,000 BTC daily since Nov. 24, equating the total withdrawn amount to around $3.5 billion.
All exchanges lost $15B
According to data from Glassnode, all major exchanges experience massive BTC withdrawals.
Almost all exchanges have seen withdrawals — amounting to roughly $15 billion in total — over the past five days
The last time such movements were recorded was during April and May, after the Terra collapse.
Binance
Amongst all significant exchanges, Binance is one of the few exceptions as it saw its its BTC reserves grow over the period — indicating that Binance users are exiting their BTC positions.
According to numbers, Binance added a total of 78,000 BTC to its reserves, equating to around $1.2 billion at the time of writing.
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Terra
$0.43843
Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.