1 whale withdrew 26000 Bitcoins from Coinbase, marking the largest Bitcoin withdrawal since December 2022.
![](https://www.bit4me.info/wp-content/uploads/2023/05/z4350690151377_0171ed1601e8bdd881f385a4582a954f-e1684243430756.jpg)
According to data from Glassnode, 26,000 Bitcoins (BTC) worth about $800 million were withdrawn from Coinbase yesterday.
This is the largest Bitcoin withdrawal from exchanges this year and the largest since December 2022.
![Exchange balance: (Source: Glassnode)](https://www.bit4me.info/wp-content/uploads/2023/05/btt.jpg)
Previously, according to an analysis by Santiment, the supply of Bitcoin held on exchanges fell to its lowest level since December 2017 of 5.84%.
The collapse of FTX can be considered as a major cause as many users have lost confidence in exchanges when FTX was one of the top exchanges in the market at that time.
After dropping to a 2-month low at $25800 , Bitcoin (BTC) recovered to $27,500 yesterday, however Bitcoin (BTC) saw a slight correction back in the day. Today.
At the time of writing, Bitcoin (BTC) is trading at $27080, down 1% over the past 24 hours according to data from Binance .