A leading blockchain analytics firm says that US-based crypto exchange giant Coinbase currently holds fewer Bitcoin (BTC) than it has in years.
According to new data from Glassnode, BTC held on Coinbase has dropped over 36% over the last two years.
“Bitcoin held on Coinbase has declined by 375,000 BTC (36.6%) since the ATH [all-time high] set in April 2020.
This was driven lower by ~31,000 BTC last week after a large net outflow occurred.”
In a blog post, Glassnode says that Coinbase experienced its largest net outflow of BTC last week since July of 2017. The remaining BTC balance currently on the exchange is also at its lowest level since the bull market top of 2017. The firm interprets the metric as a positive sign for Bitcoin adoption.
“Coinbase, in particular, has seen a very large net outflow this week, totaling 31,130 BTC ($1.18 billion). This is the largest net outflow since July 28th of 2017. The regime of net outflows (red bars) following March 2020 is also quite apparent in the chart below.
This remains a strong signal that investors increasingly see Bitcoin as a relevant asset in modern portfolios.
This outflow has dropped the total balance held on Coinbase to 649,500 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 375,500 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. As the largest exchange by BTC balance, and a preferred venue for US-based institutions, this further supports the adoption of Bitcoin as a macro asset by larger institutions.”
Bitcoin is trading for $39,124 at time of writing, up 3% over the last week.
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