According to @caprioleio, 165,000 BTC were withdrawn from Coinbase over the weekend and the cause has not been disclosed (source: @caprioleio).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According to @Andre_Dragosch, another 6,686.7 BTC was withdrawn from Coinbase, flagging a notable exchange outflow that traders are monitoring for near-term market impact. Source: Andre Dragosch on X, Nov 17, 2025. Historically, sustained BTC net outflows from exchanges align with falling exchange reserves and accumulation phases that have coincided with stronger price performance in prior cycles. Source: Glassnode, The Week On-Chain research (2020–2024). Such withdrawals reduce immediately available spot inventory on exchanges and can lessen near-term sell pressure, affecting order book depth and liquidity. Source: CryptoQuant Research on Exchange Flows. Traders are watching basis and funding rates, as well as Coinbase–Binance spot spreads, to confirm whether these outflows translate into sustained buy-side pressure. Source: Binance Research on market indicators; CME Group education on basis and funding.

According to @ai_9684xtpa, a newly created wallet 0x311...5FD1A withdrew 7,889 ETH worth $31.41 million from Coinbase over the last 8 hours at an average withdrawal price of $3,982 (source: @ai_9684xtpa on X; Arkham Intelligence address explorer). All ETH flows were reported as originating from Coinbase, indicating a net outflow from the exchange to this address (source: @ai_9684xtpa on X). The author also notes the activity could be wallet consolidation, so traders may monitor subsequent transactions from 0x311...5FD1A to gauge whether accumulation continues or funds return to exchanges (source: @ai_9684xtpa on X; Arkham Intelligence address explorer).