Bitcoin held by Coinbase sinks to $20 billion, lowest level since 2015

The amount of bitcoin Coinbase has in its public order book has plummeted to a nine-year low of 394,000 btc worth around $20.5 billion after massive withdrawals.

Whales withdrew more than 18,000 btc from the exchange, worth nearly $1 billion, last weekend, according to bitcoin-from-Coinbase” target=”_blank” rel=”noopener”>CryptoQuantumwith amounts ranging between $45 million and $171 million.

BREAKING MINUTE: bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Coinbase Holdings Hit Lowest Level Since 2015!

The exchange now has approximately… pic.twitter.com/gqKFcNO2gw

—Kyle Chassé (@kyle_chasse) February 19, 2024

The withdrawals have sparked mixed feelings among cryptocurrency users on X. Some believe that the purpose of the transfers is to increase liquidity for OTC transactions.

A possible bitcoin supply crisis looms

Others say that the withdrawals indicate an upcoming bitcoin rally driven by a supply crisis.

Institutional demand for bitcoin is currently high following the approval of spot bitcoin exchange-traded funds (ETFs) in the US. These funds have a daily net inflow of 9,650 btc. Some cryptocurrency users on X believe that the Coinbase transfers are a result of these institutions purchasing bitcoin.

largest per hour bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin exit in 2024 from Coinbase today: 18,746 bitcoin moved in two transactions in the same block.

However, the transactions have all the patterns that would suggest:
– bitcoin will be under custody (consolidation of entries, creation of new addresses… pic.twitter.com/FvH1wBXg1X

— Julio Moreno (@jjcmoreno) February 19, 2024

The halving coming in April will cut the amount of newly mined bitcoin in half, impacting supply during a period of high demand. The block reward for miners will decrease from the current 6.25 btc to 3.125 btc for each block mined.

Around 900 btc are mined daily, and this amount will be halved after the halving. With these factors in play, the law of supply and demand puts bitcoin on a growth trajectory.

bitcoin is trading at around $52,300 at 07:10 EST, the highest level since 2021.

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