Coinbase XRP reserves plunged from ~970 million XRP in June to 65.6 million XRP by mid‑September, a 93% decline. On‑chain data shows 48 of 52 tracked cold wallets are now empty, prompting questions on wallet restructuring or institutional accumulation behind the scenes.
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Coinbase XRP reserves fell from 970M to 65.6M in three months (≈93% drop)
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48 of 52 tracked cold wallets now show zero balances; four remain active at ~16.4M XRP each.
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Over 900M XRP (~$2.8B at current price) moved out of visible Coinbase storage, raising institutional accumulation speculation.
Coinbase XRP reserves collapsed from 970M to 65.6M XRP in three months — learn why this matters and what on‑chain data shows. Read full analysis and next steps.
What happened to Coinbase XRP reserves?
Coinbase XRP reserves fell from roughly 970 million XRP in June to 65.6 million XRP by mid‑September. The shift reflects a 93% decline in visible exchange cold‑wallet holdings and has generated debate over wallet restructuring versus off‑exchange accumulation by institutional actors.
How did Coinbase’s XRP holdings drop so quickly?
On‑chain trackers noted that, in June, Coinbase controlled 52 tracked cold wallets totaling ~970M XRP. By mid‑September, 48 of those wallets reported zero balance. The remaining four wallets each show ~16.4M XRP, totaling 65.6M. Large outbound movements and wallet consolidations explain the visible decrease; coins may have moved to new custody addresses or to institutional allocations.
Coinbase’s XRP reserves fell from 970M to 65.6M in 3 months, sparking speculation on institutional accumulation behind the scenes.
- Coinbase’s XRP reserves shrink from 970M in June to 65.6M, marking a steep 93% decline in just 3 months.
- 48 of Coinbase’s 52 tracked wallets are inactive, raising questions on whether XRP moved or was restructured.
- Analysts suggest institutions like BlackRock may use Coinbase to quietly build XRP positions for their clients.
In June, Coinbase’s monitored wallets held about 970 million XRP across 52 cold wallets. Ten wallets contained approximately 26.8 million XRP each, while the remainder averaged about 16.8 million XRP per wallet.
By mid‑September, only four of those tracked wallets remained active. Each still holds roughly 16.4 million XRP, leaving an aggregate visible balance of 65.6 million XRP. That is under 7% of the June total. The apparent movement of over 900 million XRP—valued at roughly $2.8 billion at current market rates—has removed the coins from the set of previously tracked addresses.
Why do large transfers raise questions?
Coinbase continues to process substantial transfers even as the older cold wallets become inactive. Over a recent weekend, one movement of 16.5 million XRP (about $51.4 million) transited the exchange, indicating continued operational throughput. Large transfers at this scale often trigger scrutiny of custody practices and potential institutional flow.
4 Coinbase Cold Wallets Remaining at 16.4M XRP each pic.twitter.com/hozqoHgbW8
— XRP_Liquidity (Larsen/Britto/Escrow/ODL/RLUSD) (@XRPwallets) September 18, 2025
On‑chain analysts emphasize that empty tracked wallets do not automatically imply funds left the Coinbase ecosystem. Exchanges regularly rotate, consolidate, and restructure cold addresses for security and custody reasons. Coins can be moved into new internal wallets that are not yet publicly associated with Coinbase, obscuring visible holdings.
Who might be behind the movements?
Speculation about institutional involvement has increased because the scale of moved XRP aligns with the sizes institutional clients may require. Analysts propose that large custodians could be using Coinbase’s custody rails to build positions without creating a lasting on‑chain footprint. Names such as BlackRock have been mentioned in public commentary as hypothetical participants, but no direct on‑chain evidence ties any specific institution to these transfers.
How should readers interpret these signals?
Interpretation requires caution: the data shows substantial redeployment of assets, but reasons can include internal rekeying, security rotations, client withdrawals, or institutionally sized buys routed through exchange services. Use official exchange statements and transparent on‑chain analysis when available to corroborate hypotheses.
Frequently Asked Questions
Did Coinbase sell 900 million XRP?
Visible on‑chain data shows 900M XRP left previously tracked Coinbase wallets, but this does not prove a sale; funds may have been moved to untracked Coinbase addresses or into institutional custody arrangements.
Can institutions accumulate XRP without public records?
Yes. Institutions can use custodial services and internal custody operations to acquire large positions without obvious, persistent on‑chain footprints tied to the exchange’s known addresses.
Key Takeaways
- Massive visible decline: Coinbase’s tracked XRP fell ~93% from June to mid‑September.
- Wallet rotation possible: 48 of 52 tracked wallets now show zero balance, consistent with custody restructuring.
- Institutional flow remains plausible: Large transfers and disputed on‑chain footprints make institutional accumulation a credible hypothesis; no direct proof yet.
Conclusion
The dramatic reduction in visible Coinbase XRP reserves highlights how custody practices and institutional demand can change on‑chain signals rapidly. Continued monitoring of wallet associations, exchange statements, and public blockchain data will clarify whether this recent shift reflects internal restructuring or large‑scale accumulation. For ongoing coverage and data updates, follow COINOTAG reporting.
