Coinbase continues to see significant BTC outflows.

Coinbase-continues-to-see-significant-BTC-outflows

This week, Coinbase observed massive outflows totaling over 33K BTC >$1B. This is Coinbase's largest weekly net outflow in over five years.

Following this net outflow, Coinbase's overall balance is approximately 650K BTC, the lowest level since BTC's 2017 macrocycle top. In aggregate, the BTC balance on Coinbase has declined by more than 35% since the 2020 highs.

dropping exchange balance indicates that there are fewer coins available for liquidation on the exchange. in other terms, sell-side liquidity is dwindling, implying the possibility of a strong surge higher, particularly given that the coins removed from Coinbase were transferred to a relatively idle wallet.