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Coinbase Sees Massive $1 Billion Bitcoin Withdrawal

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Quick take

Recent developments in the digital asset market have led to massive withdrawals from Coinbase.

The event, which occurred on March 1 during Asian trading hours, involved a transaction of approximately 16,000 BTC, or approximately $1 billion. Confirmations from several platforms, including Santiment, Arkham and Coinglass, have validated this information.

Exchange balance: (Source: Coinglass)
Exchange balance: (Source: Coinglass)

According to Santiment data, Coinbase saw a significant decline in its holdings, from approximately 398,000 to 381,000 BTC.

Coinbase exchange balance: (Source: Santiment)
Coinbase exchange balance: (Source: Santiment)

Arkham Intelligence also substantiated this activity, reporting two transactions from Coinbase to unidentified addresses. Coinglass, another digital asset monitoring platform, echoed these findings, confirming the departure of 16,000 BTC from the exchange.

Bitcoin release from Coinbase: (Source: Arkham Intelligence)
Bitcoin release from Coinbase: (Source: Arkham Intelligence)

This significant pullback comes at a time when Bitcoin is seeing considerable upside, trading well above $60,000.

The article Coinbase Sees Massive $1 Billion Bitcoin Withdrawal appeared first on CryptoSlate.

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