According to the latest data, from April 1 to June 1, 2024, Coinbase experienced withdrawals of more than 40,000 BTC. In the past 15 days, an additional 18,379 BTC, worth $1.2 billion, left the exchange.
Figures collected by onchain data and analytics platform CryptoQuant reveal that centralized digital currency exchanges (CEXs) are seeing a decline in Bitcoin (BTC) reserves. Over the past 30 days, these exchanges have lost 105,706 BTC, worth $7.05 billion.
Bitcoin reserves on all exchanges last 30 days. Source: CryptoQuant
During the same period, CEXs also saw a drop of 1.08 million ETH, worth $3.7 billion. Meanwhile, data shows a modest increase in ERC20-based stablecoins across all exchanges, from $21.46 billion to $22.09 billion.
ETH reserves on all exchanges last 30 days. Source: CryptoQuant
Onchain statistics from CryptoQuant show that Coinbase holds 877,712 BTC, including exchange and custodial services. On June 1, Coinbase held 896,091 BTC, showing a Capital of 18,379 BTC over the past 13 days.
Coinbase Bitcoin Reserve. Source: CryptoQuant
Coinbase remains one of the largest BTC holders in terms of reserves, but Binance also holds a significant amount. 15 days ago, Binance had 582,865 BTC and today that number has increased to 592,802 BTC, reflecting an Capital of 9,937 BTC in the first two weeks of June.
Binance Bitcoin Reserve. Source: CryptoQuant
Coinbase is not the only exchange experiencing Capital this month. Robinhood's BTC reserves fell from 139,462 BTC to 136,943 BTC, a decrease of 2,519 BTC as of June. Perhaps motivated by a desire for self-regulation, as centralized exchanges saw significant outflows, highlights the foundational pillars of the cryptocurrency ethos: digital asset autonomy and scarcity.
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