Amidst large bitcoin outflows, the total balance of bitcoin in the cryptocurrency exchange Coinbase has decreased by nearly 36.6% in the past 24 months.
According to Glassnode, a prominent analytics platform for blockchain transactions, the total bitcoin balance in Coinbase has reached nearly 650,000 cryptocurrencies, compared to an all-time high of 1,025 million bitcoin in April 2020.
Just last week, Coinbase's balance fell by about 30,000 BTC.
Bitcoin outflows from digital asset trading platforms have been on the rise since April 2020.
The supply of bitcoin on exchanges has fallen sharply in the past two years.
In its weekly report, Glassnode stated the following:
This influx reduced the total balance held in Coinbase to 649,5K BTC, bringing it back to levels last seen at the top of the 2017 bull market.
The total bitcoin stock held by Coinbase is now down 375.5K (36.6%) from the high reached in April 2020, and large outflows like this are part of a steady trend in Coinbase's stock, which has been trending down over the past two years.
Bitcoin and trading platforms:
Bitcoin exchanges around the world now have approximately 10.8% of active Bitcoin supply, the lowest level in the past three years.
Over the past 12 months, the total supply of Bitcoin on exchanges has decreased by more than 3%.
On the other hand, the illiquid supply of Bitcoin reached 76%, the highest level in 10 months.
While providing details on current market trends and Bitcoin price action, Glassnode noted:
Bitcoin price continues to consolidate this week, compressed into an increasingly narrow range between the low of $37,274 and $42,455.
As covered in the previous edition, the market is currently in a delicate equilibrium, against a backdrop of high macro- and geopolitical uncertainty unfolding on the global stage.
