According to the latest data, from April 1 to June 1, 2024, Coinbase experienced an outflow of more than 40,000 BTC. In the past 13 days, an additional 10,889 BTC, valued at $726 million, has exited the San Francisco crypto exchange. Further analysis reveals that since May 13, approximately $7.05 billion worth of BTC has been withdrawn from all centralized exchanges tracked by cryptoquant.com.
Investors Pull Nearly $11 Billion in BTC and ETH From Major Exchanges in 30 Days
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$7 Billion in Bitcoin and $3.7 Billion in Ethereum Withdrawn in One Month
Metrics gathered by the onchain data and analytics platform cryptoquant.com reveal that centralized digital currency exchanges are experiencing a decline in bitcoin ( BTC) reserves. Over the past 30 days, from May 13 to June 13, these exchanges have lost 105,706 BTC valued at $7.05 billion.
In the same period, centralized exchanges have also seen a reduction of 1.08 million ethereum ( ETH), worth $3.7 billion. Meanwhile, data indicates a modest rise in ERC20-based stablecoins across all exchanges, increasing from $21.46 billion to $22.09 billion. Onchain statistics from Arkham Intelligence show that Coinbase holds 877,448 BTC, including its exchange and custodial services.
On June 1, Coinbase held 888,337 BTC, indicating a divestment of 10,889 BTC over the past 13 days. Coinbase remains one of the largest BTC holders in terms of reserves, but Binance also holds a substantial amount. Thirteen days ago, Binance had 642,528 BTC, and today, its reserves stand at 643,567 BTC, reflecting an inflow of 1,039 BTC during the first two weeks of June.
Coinbase isn’t the only exchange to experience reductions this month. Robinhood’s BTC reserves have dropped from 139,462 BTC to 136,943 BTC, shedding 2,519 BTC so far in June. Motivated perhaps by a desire for self-custody, as centralized exchanges witness significant outflows, the crypto community’s shift emphasizes the foundational pillars of the cryptocurrency ethos: autonomy over one’s digital assets and scarcity.
What do you think about the bitcoin and ether pulled from exchanges over the last 30 days? Share your thoughts and opinions about this subject in the comments section below.
