$Coinbase (COIN.US)$, the largest crypto exchange in the US, saw a massive movement of Bitcoin out of its coffers this week. On Monday, numbers released by the company showed an outflow of about 18,000 BTC worth $924 million as of Feb 21.
This withdrawal leaves the exchange with 390,000 bitcoins, worth about $20 billion. This is the lowest amount of bitcoin reserves Coinbase has held since 2015.
There is little reason to be alarmed, however. This is most likely funds being moved to set up new custodial wallets or provide funding for OTC transactions.
Some see this as a potentially bullish sign. Large movements of Bitcoin off of central exchanges ahead of this spring's "Halving" could be happening in anticipation of a price surge.
COIN
Coinbase itself sems to be doing just fine. The company has reported strong financials. After a challenging 2022, Coinbase returned to a positive net income and EBITDA. It was able to increase revenues while cutting expenses by about $1 billion.
With all the hype surrounding a new crypto bull market, Coinbase seems poised for a strong 2024.
Cathie Wood remains bullish on Coinbase and crypto at large.