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Bitcoin Sees Another Big Outflow From Coinbase: This Time $1.2 Billion

Data shows that Bitcoin just saw its second major exit from Coinbase in a week as nearly $1.2 billion worth of BTC left the platform.

A large amount of Bitcoin was just withdrawn from Coinbase

As one analyst explained in a CryptoQuant Quicktake post, cryptocurrency exchange Coinbase just saw 17,000 BTC outflow. The relevant on-chain indicator here is “exchange outflow”, which measures the total amount of Bitcoin being transferred from the wallets of a given centralized exchange.

When the value of this metric is high, it means that investors are withdrawing large amounts from the platform at this time. Holders often place coins in self-custody when they plan to hold them for long periods, so this trend could be a sign that long-term accumulation is occurring in the market.

On the other hand, the low level of the indicator suggests that not many holders are transferring coins from these central entities at the moment. Depending on the trend in the opposite metric, the inflow of coins, such a trend, can be neutral or bearish for the price of the cryptocurrency.

Now, here is a chart showing the trend in Bitcoin exchange production specifically for Coinbase Advanced over the past week:

As the chart above shows, Bitcoin exchange production for Coinbase has skyrocketed over the last day. In total, 17,000 BTC left the platform with this massive withdrawal. At the asset’s current exchange rate, that pile would be worth a whopping $1.17 billion.

It is also evident from the chart that the indicator witnessed a very similar scale increase just a few days ago. Specifically, 16,800 BTC left Coinbase in that withdrawal event.

This would mean that there may have been two major buying moves in the stock market last week. Coinbase is known for being the preferred platform for US-based institutional entities, so it is possible that this potential purchase came from these large traders.

Since the approval of the Bitcoin exchange-traded fund (ETF) at the start of the year, BTC’s price action appears to have been affected by institutional investor moves, as another metric suggested.

Taking this fact into account, these outflows can naturally be optimistic for asset prices if they reflect the presence of buying pressure in the market.

BTC Price

Although this huge outflow happened for the cryptocurrency, its price has fallen, now falling to just $68,500. The following chart shows Bitcoin’s performance over the past few days.

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Bitcoin Bitcoin Wallet Cryptocurrency news

Coinbase Officially Pulls Support for Bitcoin SV (BSV)

American cryptocurrency exchange Coinbase will no longer support Bitcoin SV (BSV), per a recent post by the firm on X.
BSV No Longer Hosted on Coinbase

Coinbase has announced that it has deprecated support for BSV and effectively immediately, the coin will no longer be available on its trading platform. In effect, Coinbase customers can no longer have access to their BSV holdings and they are also not allowed to withdraw or deposit more of the coin in their wallets. 

For those who previously held BSV on Coinbase and did not move the token even after receiving a warning from the crypto exchange, the assets would have been liquidated and converted to the market equivalent of another coin supported on Coinbase. The exact value of the new crypto will be credited to the user’s account, minus transaction costs. 

Notably, it had been previously declared that the Coinbase and BSV business relationship would be terminated on January 9, 24. Back in November, the crypto exchange notified its users to withdraw their BSV or stand to have it liquidated and converted to another digital asset. Many Coinbase customers who hold BSV were concerned about the additional taxation charges that may follow the conversion.

Coinbase had delisted the BSV token as far back as 2021 after Craig Wright, one of the self-acclaimed inventors of Bitcoin, lost the BTC copyright. At the time, the token had suffered multiple attacks on its protocol, hence, Coinbase was not the only exchange that took a position against the coin. Leading digital asset service provider Binance equally delisted Bitcoin SV at the time.
Delisting Trend in the Crypto Industry

The decision to delist non-performing tokens is fast becoming a crypto industry trend, especially when such assets become overwhelmed by certain challenges. Ripple-associated coin XRP suffered a similar fate more than three years ago and in its case, it was due to regulatory hurdles against the coin. 

The United States Securities and Exchange Commission (SEC) brought an enforcement action against Ripple for offering XRP as an investment contract. In the regulator’s opinion, XRP is an unregistered securities. The news had a ripple effect on the market outlook of the coin as many exchanges including Coinbase and Binance decided to delist the token. 

The delisting of BSV may push Coinbase users to other platforms where the coin is supported, therefore, impacting negatively on its user base. In a shocking twist, BSV is up 2.7% at the time of writing to $72.74 despite the delisting news, a proof that the new is not impacting its community negatively.

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Bitcoin Bitcoin Wallet Cryptocurrency news

Coinbase: Uniswap tops 2023 list of protocols

Launched in 2018 by Hayden Adams, a former mechanical engineer at Siemens, the Uniswap blockchain runs on the Solidity programming language, a popular choice for many decentralized finance (Defi) projects on the Ethereum platform.

Uniswap offers users the ability to provide liquidity to pools and trade decentralized tokens in pairs, including native cryptocurrencies and stablecoins. Uniswap is characterized by its open source nature and encourages contributions from a diverse community. The project has since collected more than three million unique senders.

The thread continues and highlights Tether as the second protocol. It recorded 33.6 million sends from 6.2 million unique addresses, making it a significant player in the Ethereum ecosystem, followed by Opensea, Metamask and 1inch.

It is worth noting that aggregator 1inch emerged as the most used project, while recent addition Banana Gun, launching in 2023, recorded 1.5 million swaps in ninth place on the list.
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Bitcoin Wallet Cryptocurrency news

Coinbase Announces SEAM Token Listing and Airdrop

Coinbase, a major player in the cryptocurrency exchange market, has taken an important step by listing SEAM, the governance token of the Seamless Protocol. This decision marks a new chapter in the exchange’s offerings, especially since SEAM is a Base-based token, a notable pivot in Coinbase’s strategy.

Seamless integration with Coinbase Prime Day listings

Coinbase has a reputation for its selective Prime Day listings, where tokens are available on the platform the same day as the generation event. Consequently, SEAM has joined this exclusive club alongside recent additions such as Big Time gaming token and Jito’s JTO token. This listing strategy emphasizes Coinbase’s commitment to offering its users new and promising digital assets.

Seamless Protocol operates as a decentralized lending and borrowing platform. Launched as a fork of Aave v3, an Ethereum-based protocol, it is built on Base, an Ethereum Layer 2 network incubated by Coinbase. Additionally, the project stands out for not raising funds through share sales or the SEAM token, highlighting its commitment to a fair launch approach.

SEAM Airdrop: a community-centric approach

The SEAM airdrop begins alongside the token listing. The total token supply is capped at 100 million, of which 69% is allocated to the community. This distribution strategy reinforces the community-centric spirit of the Protocol. However, users eligible for airdrop are early supporters who have participated in various community activities and missions.

Coinbase’s addition of SEAM is more than just a token listing, as it represents a broader shift in the platform’s approach to decentralized finance (DeFi). Additionally, as a native Base-based project, SEAM’s inclusion is a testament to the growing influence of DeFi platforms and their tokens in the broader crypto market.