Amid large Bitcoin outflows, the total balance on Coinbase, the public listed digital exchange, has plunged by almost 36.6% in the last 24 months.
According to Glassnode, a prominent on-chain analytics platform, the overall Bitcoin balance on Coinbase has reached approximately 650,000 coins, compared to an all-time high of 1,025k BTC in April 2020.
Just in the past week, the balance on Coinbase has dipped by almost 30k BTC. Bitcoin outflows from digital asset trading platforms have been on the rise since April 2020. BTC supply on exchanges has dropped sharply in the past two years.
“This outflow has dropped the total balance held on Coinbase to 649.5k 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 375.5k 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,” Glassnode mentioned in its weekly on-chain analysis report.
Bitcoin Exchange Supply
BTC exchanges around the world now hold nearly 10.8% of the active Bitcoin supply, which is the lowest level in the last three years. Within the past 12 months, the supply has dropped by over 3%. BTC’s illiquid supply on the other hand has reached 76%, which is the highest level in 10 months.
While providing details about the current market trends and BTC’s price action, Glassnode noted: “Bitcoin prices continue to consolidate this week, compressing into an increasingly tight range between a low of $37,274, and a high of $42,455. As was covered in the previous edition, the market currently exists in a delicate balance, amidst a backdrop of high macro and geopolitical uncertainty playing out on the global stage.”
