Bitcoin Drops 6% Following New All-Time High; Coinbase Slips to Third in BTC Reserves

By: Eva Baxter

Bitcoin Retreats After Setting New High

Bitcoin experienced a steep 6% drop not long after achieving a fresh all-time high price. The surge in the cryptocurrency's price was met with a rush of significantly heavy sell orders, resulting in this abrupt decline. Roughly $32 million worth of long positions were liquidated within the span of an hour.

Bitcoin Reserves on Coinbase See Significant Decrease

Coinciding with Bitcoin's activity, Coinbase—a once leading holder of Bitcoin exchanges—saw substantial outflows of Bitcoin that have been consistent since March 2020. Recent data revealed by Glassnode indicates that Coinbase's Bitcoin reserves have been reduced by approximately 633,000 since March 2020. As a result, Coinbase has slipped to become the third-largest Bitcoin holding exchange. Notably, Binance leads in Bitcoin holdings.

It's worth mentioning that Coinbase offers three separate services: Coinbase, Coinbase Custody, and Coinbase Prime. These documented insights focus on the Coinbase Exchange, which is tailored for individual retail investors.