According to @caprioleio, 165,000 BTC were withdrawn from Coinbase over the weekend and the cause has not been disclosed (source: @caprioleio). According to @caprioleio, the last comparable plunge in Coinbase Bitcoin balances occurred just after the FTX collapse, when BTC traded near 16,000 dollars (source: @caprioleio). Large net outflows reduce on-exchange balances and reflect coins moving to self-custody, a dynamic that has been documented to coincide with tighter immediate spot liquidity on exchanges (sources: Glassnode; Kaiko Research). Kaiko Research has reported that thinner order book depth increases price impact per trade, which traders may consider when assessing short-term BTC volatility following major exchange outflows (source: Kaiko Research).

According to The Data Nerd, within 48 hours, substantial Bitcoin withdrawals were observed, indicating potential market movements. Key withdrawals include 2,500 BTC (~$212.98M) from OKX and 200 BTC (~$17.11M) from Binance. Cumberland also withdrew 460 BTC (~$39M) from Binance, while another wallet with a large holding withdrew 2,372 BTC. These transactions may affect Bitcoin's liquidity and price stability, presenting trading opportunities.