16.5 Million XRP Removed From Coinbase Cold Wallets; BlackRock Uses XRP but Has Not Announced Spot ETF Plans

• Minus 16.5 million XRP at Coinbase

• BlackRock receives XRP custody services from Coinbase but has not launched a spot XRP ETF

• On-chain analytics show cold-wallet counts at Coinbase dropped from 52 to 7 in three months

Coinbase XRP withdrawals show 16.5M XRP moved from cold wallets; learn what this means for custody and institutional use — read the full breakdown.

What happened with Coinbase XRP withdrawals?

Coinbase XRP withdrawals refer to recent on-chain movements where Coinbase reduced the number of cold XRP wallets, moving 16.5 million XRP out of a cold wallet in the past 24 hours. The spot movement indicates custodial redistribution or transfers to other storage, not necessarily market sales.

How many XRP left Coinbase cold wallets and when did this occur?

On-chain tracking from the XRPwallets analytics account on X shows that over the last 24 hours Coinbase recorded a removal of 16.5 million XRP from a cold wallet. As of Sept. 9, the count of cold wallets holding 16.5 million XRP each fell to seven from 42 on June 9. Three months earlier Coinbase had 52 cold wallets in total, including ten with 26.8 million XRP each and 42 with 16.5 million XRP each.

Why is BlackRock using XRP but not launching an ETF?

BlackRock has expanded institutional services with Coinbase, with Coinbase providing XRP custody to BlackRock’s Aladdin platform for institutional clients. Despite using XRP for custody services, BlackRock has not filed or launched a spot XRP ETF as it has for Bitcoin and Ethereum. Industry analysts note this custody use demonstrates institutional interest without implying an imminent ETF product launch.

What does this mean for markets and institutional custody?

Custody movements typically reflect operational rebalancing, client transfers, or provisioning for OTC desks. The Coinbase-to-institution custody relationship shows increasing institutional utility for XRP as a settlement or operational asset. This does not equate to immediate market supply changes unless on-chain outflows are routed to exchanges or public wallets that sell into liquidity pools.

Frequently Asked Questions

Did Coinbase just lose 16.5 million XRP from custody?

On-chain tracking recorded a 16.5 million XRP transfer from a Coinbase cold wallet in the last 24 hours. This represents movement of custody, not conclusive evidence of a market sale or loss.

How should investors interpret institutional custody of XRP?

Institutional custody signals growing operational use cases and trust in infrastructure. Investors should treat custody adoption as a structural development, distinct from immediate supply changes unless funds are routed to exchanges for selling.

Key Takeaways

• Cold-wallet reduction: Coinbase moved 16.5M XRP from a cold wallet, reducing similar 16.5M-XRP wallets to seven.
• Institutional custody: BlackRock uses Coinbase for XRP custody via Aladdin but has not launched a spot XRP ETF.
• Interpretation: On-chain outflows indicate custody transfers or rebalancing rather than confirmed sell pressure; monitor tagged addresses and exchange inflows.

Conclusion

The recent Coinbase XRP withdrawals and Coinbase’s expanded custody role with BlackRock highlight evolving institutional adoption of XRP. Coinbase XRP withdrawals show measurable on-chain change, but available evidence points to custody movements rather than direct market liquidation. Continue monitoring verified on-chain analytics for updates and custodial disclosures.