Quote from: Hydrogen on Today at 06:22:21 AM

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50,000 Bitcoin were withdrawn from Coinbase on Nov. 24 and 25, marking the third-largest withdrawal from the exchange.

A total of 100,000 Bitcoin (BTC) were withdrawn from Coinbase in the past two days, marking the third-largest BTC withdrawal in Coinbases history.

Two withdrawals worth 50K

The chart below shows the BTC withdrawals and deposits in Coinbase on a daily basis since the beginning of the year.

On Nov.24, 50,000 BTC were withdrawn from Coinbase. The amount equated to over $800 million at the time, which marked the second-largest BTC withdrawal from Coinbase in 2022. The next day, on Nov. 25, another 50,000 BTC withdrawal took place, which equates to over $825 million at the time of writing.

Considering that Coinbase is preferred mainly by large U.S. institutions, it can be said that they are taking advantage of the affordable prices and accumulating BTC, as the on-chain data indicates that the bottom of the bear market cycle might be near.

Third-largest withdrawal in Coinbase

The chart below represents Coinbases BTC deposits and withdrawals since the exchange was launched in 2014.

With the second 50,000 BTC withdrawal, Coinbase reserves lost more than $1.5 billion worth of BTC in two days, which currently marks the third-largest BTC withdrawal in Coinbases history.

According to the chart, the most significant withdrawal was recorded in late 2017, and the second-largest one took place in mid-2022 after the Terra (Terra) collapse.

Its not just Coinbase

The data shows that Coinbase is not the only exchange experiencing large BTC withdrawals. The chart below demonstrates the BTC balance on all exchanges since January 2018, and a significant downfall can be seen since January 2022.

According to the data, the balance on decentralized exchanges has fallen below 12% for the first time since January 2018.

https://cryptoslate.com/bitcoin-worth-1-5b-withdrawn-from-coinbase-in-48-hours/

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It seems that we're witnessing a mass migration of funds being pulled from exchanges in the wake of the FTX incident.

Amazingly enough binance and others affiliated with FTX are still plying their wares, in the hope of attracting investor capital.

As depositors take larger steps to protect their wealth and secure holdings, will it be enough to stem a tide of the high number of electronic hacks we've witnessed in 2022?

It seems that the latest trend of large withdrawals came about in 2017. Perhaps after the bitfinex and tether investigations were launched. It could take time for consumer confidence to be restored in crypto exchanges.

Investors and traders are now wiser to be washed and convinced to leaving their funds in third party exchanges. With the happenings around the world on Crypto exchanges, one would ask if truely blockchain is decentralized? The happenings has really casted doubt in the minds of people about Crypto which has given room for lots of statement about Crypto going as far as people and government justifying their claims as regards Bitcoin. I think this is one too many of the panicked investors worried about their funds in the hands or custody of a third party. The carelessness and recklessness of most third party exchanges are becoming unbearable and unbelievable to start with. Funds withdrawal is absolutely the best option now as it would not make any sense waking up to hear an unfortunate news in respect to ones investment and funds under the care of a third party exchange gone.