Bitcoin
Coinbase Bitcoin Reserves Dropped 15% Since February – All the Details
- Coinbase’s BTC reserves have declined since February
- Last week’s BTC price issues resulted in more outflows from its spot ETF market
Coin base Bitcoin [BTC] Reserves are down 15% since February, CryptoQuant pseudonymous analyst Burakkesmeci finds in a new report.
Coinbase BTC Reserve tracks the amount of Bitcoin its users hold on the cryptocurrency exchange. It measures everything from the coins users hold in their Coinbase wallets as well as the coins they deposit into the exchange for trading purposes.
When it drops, coin holders are selling their assets or transferring their BTCs to personal wallets for long-term storage.
According to Burakkesmeci, the four-month decline in Coinbase’s BTC reserves is a result of “increased demand due to spot ETFs.”
BTC ETF spot market situation
To date, the cumulative volume of spot BTC held by its issuers, namely BlackRock (IBIT), Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC ), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW) and Hashdex (DEFI), totaled US$ 296.32 billion.
According to data from The Block panelSince this asset class became tradable in January, its daily volumes have continued to grow on the charts.
Among all spot BTC ETF issuers, BlackRock currently holds the largest assets under management (AuM). To date, this totals $20.49 billion.
According to sosovalue.xyz ETF panel, since June 13, there has been a decline in demand for spot BTC ETFs. On that day, market outflows totaled US$226.21 million.
Continuing this trend on June 14, net outflows from the BTC ETF spot market were $190.08 million.
AMBCrypto found that on that day, Fidelity’s FBTC saw the largest outflows, with $80 million leaving its portfolio. It was followed by Grayscale’s GBTC, which saw outflows totaling $52 million.
To read Bitcoin (BTC) Price Prediction 2024-2025
According to the sosovalue.xyz data dashboard, BlackRock’s outflows that day were $7 million.
Since June 10, the BTC ETF spot market has seen outflows on four out of five days. This can be attributed to BTC’s poor performance over the last 7 days.
Source: sosovalue.xyz
At press time, the market-leading cryptocurrency was valued at US$66,061. According to CoinMarketCapits value has fallen by 5% in just 7 days, with BTC now facing significant resistance at the $70,000 price level.