4 months ago 1 min read

Coinbase Slammed by 100,000 Bitcoin Withdrawals


On November 24, 2022, Coinbase witnessed a withdrawal of 50,000 Bitcoin BTC worth over $800 Million, making it the second-largest BTC withdrawal from this crypto exchange in 2022. On November 25, an additional withdrawal of 50,000 BTC from Coinbase was made, totaling more than $825 million at the time.

Before these two withdrawals were processed, Brian Armstrong, Co-Founder & CEO of Coinbase, stated that the company owns approximately 2 million Bitcoin, which is worth $39.9 billion as of September 30, 2022. The Coinbase fund lost more than $1.6 billion in BTC in just two days, with a total withdrawal of 100,000 BTC.

From January to November 2022, the graph below depicts BTC deposits and withdrawals from Coinbase.

BTC Exchange Net Position Change for Coinbase Exchange | Source: Glassnode
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