Significant Bitcoin Outflow from Coinbase; ARK Sheds $90M Shares

Significant Bitcoin Outflow from Coinbase; ARK Sheds $90M Shares

By: Eva Baxter

Quick Take

Coinbase witnessed an exodus of over 18,000 Bitcoin, marking its lowest confirmed balance since 2015. The substantial outflow, almost $1 billion, caused several changes with the funds being dispersed across new wallets. Notably, the exchange now houses approximately 390,000 Bitcoin, valued at around $20.5 billion, which represents less than 2% of Bitcoin's total exchange supply, according to data intelligence platforms like Arkham Intelligence, Glassnode, and Coinglass.

In addition to this dramatic outflow, Cathie Wood's ARK has offloaded $90 million worth of Coinbase shares from its Innovation ETF, Next Generation Internet ETF, and Fintech Innovation ETF.

The reason for this considerable Bitcoin movement remains unconfirmed, with possibilities ranging from UTXO management to the provision of new liquidity for OTC desks or a shift into self-custody. At the same time, the outflow does not seem to hamper Coinbase's bullish financial performance, with the exchange reporting a total revenue of $3.1 billion for 2023, and a 15% increase in its share price since the start of the year.

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