Coinbase Sees $500M Bitcoin Withdrawal as ETFs Record Massive Inflows

Coinbase, the largest cryptocurrency exchange in the U.S., recently experienced a massive Bitcoin withdrawal totaling approximately $500 million, according to on-chain data from CryptoQuant. Analyst Amr Taha shared that over 7,000 BTC were withdrawn on April 25 alone, suggesting strong accumulation activity. Taha emphasized that such large outflows typically signal long-term holding intentions, often pointing to growing institutional interest, especially as U.S.-based institutions prefer Coinbase for transactions.

The analyst noted that these withdrawals might also be linked to spot Bitcoin ETFs, indicating substantial underlying demand and potentially signaling bullish sentiment in the crypto market. The trend follows a near $1.5 billion Bitcoin withdrawal recorded just days earlier.

Meanwhile, Bitcoin ETFs are seeing remarkable inflows. On April 25, netflows into spot Bitcoin ETFs reached $477.93 million, according to Lookonchain. BlackRock led the inflows, absorbing 3,500 BTC valued at $332.07 million, bringing its total Bitcoin holdings to 586,164 BTC worth over $55.6 billion. 21Shares also made significant moves, adding 1,037 BTC on the same day and 6,665 BTC over the past week, amounting to $628.5 million. Other notable inflows included Grayscale Mini Bitcoin Trust and Bitwise.

These inflows coincided with Bitcoin’s rally past $95,000, nearly breaking the $96,000 mark. Growing institutional accumulation, combined with surging ETF interest, highlights strong bullish momentum for Bitcoin amid increasing market optimism.