According to a report by CryptoQuant on February 20th, a whale withdrew over 18,000 bitcoins (worth about $1 billion) from Coinbase last weekend. These bitcoins were then distributed to multiple new wallets, each with a balance ranging from $45 million to $171 million. This move caused Coinbase's bitcoin reserves to drop to 394,000 BTC, worth about $20.5 billion, the lowest level since 2017.
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A whale withdrew nearly $1 billion worth of Bitcoin from Coinbase over the weekend
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