Amr Taha2026-04-21

Coinbase Mid-Size BTC Inflows Reach November 2022 Post-FTX Levels as Other Exchange Flows Stay Muted

This does not look like broad market-wide selling. Instead, Bitcoin inflows from mid-size investors are rising sharply into Coinbase, while flows into other spot exchanges remain much smaller — a structure that resembles the period after the FTX collapse in November 2022, before Bitcoin rallied from around $16,000. On April 19, Coinbase recorded an inflow of about 8,500 BTC from this cohort, close to the level seen on November 14, 2022. By contrast, Binance ranked second at roughly 4,000 BTC, while the rest of the market stayed relatively quiet. If this were a broad distribution event, similar inflow pressure would likely appear across multiple spot exchanges at once. The highest Coinbase reading from this group was recorded on January 14, 2026, shortly before Bitcoin fell from around $95,000 to below $67,000 in February. Even so, the current structure is different in one important way: other exchanges are not showing the same level of inflow pressure. Taken together, the data suggests this is not a broad wave of BTC moving to spot exchanges for immediate selling, but a concentrated flow pattern that looks closer to the post-FTX setup than to a market-wide distribution event.