Coinbase’s XRP Stash Shrinks 90% in Rapid Three-Month Selloff
Coinbase's XRP holdings decreased from about 970 million to around 99 million, a 90% decline in a quarter.
Quick overview
- Coinbase's XRP holdings plummeted by 90%, from approximately 970 million to 99 million in just one quarter.
- This decline was primarily due to significant off-chain transfers from cold wallets to active wallets, raising concerns about custody and transfer purposes.
- Large transfers, including one of 16.5 million XRP valued at about $51.4 million, occurred over the summer, but the final custodians remain unidentified.
- Despite the decrease in visible exchange reserves, XRP's market cap has stabilized around $183 billion, indicating that its value has remained consistent.
Live XRP/USD Chart
Coinbase’s XRP holdings decreased from about 970 million to around 99 million, a 90% decline in a quarter.
This drop was driven by ongoing off-chain transfers from 52 cold wallets to six active wallets, raising concerns about institutional custody or private transfers, while the on-chain destinations remain unknown. Multiple large transfers took place during the summer, according to blockchain analytics (as reported by XRPWallets in plain text).
Coinbase’s ten largest cold wallets each held roughly 26.7 million XRP before being moved or consolidated. One recent transfer involved 16.5 million XRP, valued at approximately $51.4 million. On-chain records only verify the outflows but do not identify the final custodians.
Transfers to institutional custody providers, private vaults, or off-exchange custody are possible explanations.
The concentration and rapid depletion of visible exchange reserves may indicate changes in liquidity and custody needs. Despite the withdrawals, XRP’s market cap remains near $183 billion, suggesting its value has held steady amid reserve changes
. Large off-exchange transfers could temporarily affect order book depth by reducing on-exchange liquidity, though market impact remains speculative without verified sell-side activity. The data only shows transfers and declining on-exchange balances.
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