Coinbase’s visible XRP holdings have fallen from ~970 million to about 65.6 million XRP in roughly 90 days, as on-chain trackers reported. This indicates more than 900 million XRP moved out of tracked cold wallets, reducing Coinbase XRP holdings to under 7% of June balances.
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Major reduction in Coinbase XRP cold wallets: from ~970M to ~65.6M XRP
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Over 900 million XRP moved off tracked wallets in under 90 days, worth roughly $2.8 billion.
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48 of 52 tracked wallets are inactive; some transfers may reflect custody reshuffling, not customer withdrawals.
Coinbase XRP holdings plunged from ~970M to ~65.6M XRP in 90 days — read why this matters and what to watch next on en.coinotag.com.
What happened to Coinbase XRP holdings?
Coinbase XRP holdings tracked on-chain fell sharply between June and September. At the start of summer Coinbase controlled about 970 million XRP across 52 cold wallets; three months later only four tracked wallets remained active with ~16.4 million XRP each, per on-chain tracker XRPWallets (plain text).
How large were the transfers and what do they mean?
More than 900 million XRP left Coinbase’s tracked cold wallets, valued near $2.8 billion at current prices. Large transfers continued, including a 16.5 million XRP move (~$51.4 million) over a recent weekend, showing high-volume activity despite the shrinking visible stack.
Why did Coinbase’s tracked wallets drop so quickly?
On-chain observers note two principal, non-exclusive explanations. First, Coinbase may be performing custody consolidation or creating new, untracked wallets as part of routine infrastructure changes. Second, institutional accumulation is possible: large players may be using exchange rails to build positions without immediate public disclosure.
Are institutions buying through Coinbase?
There is no on-chain proof linking specific institutions to these transfers. The idea that firms such as BlackRock could use exchange custody to accumulate for clients is a theory cited by market commentators. This remains speculative without direct confirmation from the parties involved.
How can readers verify wallet movements?
Trackers such as XRPWallets (plain text) and public ledger explorers provide transaction histories and wallet activity. Look for patterns: repeated large withdrawals, new wallet clusters, and timestamps matching exchange settlement windows to distinguish normal custody operations from distribution or accumulation events.
What does this mean for XRP price and liquidity?
Rapid removal from visible exchange custody can tighten available liquidity on centralized order books, potentially amplifying price impact for large buys or sells. However, if the XRP moved to other centralized custody, observable liquidity may not be materially reduced. Price effects depend on where the XRP ultimately settled and whether it is available for active trading.
Frequently Asked Questions
How many Coinbase wallets became inactive?
Of the 52 wallets tracked in June, 48 are now inactive. Only four remain active, each holding about 16.4 million XRP, leaving approximately 65.6 million XRP visible on those addresses.
Can these moves be confirmed as institutional purchases?
There is no definitive on-chain proof tying transfers to specific institutions. Market commentators have proposed institutional accumulation as one possibility, but this remains unconfirmed without public disclosure from the institutions or the exchange.
Key Takeaways
- Visible holdings dropped sharply: Coinbase XRP holdings tracked on-chain fell from ~970M to ~65.6M XRP in about 90 days.
- Large-volume transfers ongoing: Over 900M XRP moved from tracked wallets, including weekend transfers above 16M XRP.
- Multiple interpretations: Movements may reflect custody restructuring, transfers to untracked wallets, or potential institutional accumulation; evidence is circumstantial.
Conclusion
The on-chain picture shows a material reduction in Coinbase’s visible XRP stack, prompting questions about custody flows and market liquidity. Coinbase XRP holdings now appear significantly lower than in June, though the destination and intent behind the transfers remain unclear. Continued ledger monitoring and exchange disclosures will clarify the implications for traders and institutions. For ongoing coverage and ledger updates, see COINOTAG reports and on-chain tracker summaries (plain text).
Published: 2025-09-18 | Updated: 2025-09-18 | Author: COINOTAG
