Bitcoin Exodus from Coinbase Surpasses $1 Billion in a Day

The American cryptocurrency exchange Coinbase has recorded its largest outflow of the leading cryptocurrency since the beginning of the year. On May 9, investors withdrew 9,739 BTC.

?BOOM: Biggest bitcoin exchange outflow from Coinbase in 2025 just happened!

9,739 BTC just left Coinbase — highest net outflow year-to-date.

Institutional appetite for bitcoin is accelerating. ? pic.twitter.com/oaptcbJkDs

— André Dragosch, PhD⚡ (@Andre_Dragosch) May 13, 2025

“Institutional appetite for bitcoin is growing,” wrote André Dragosch, head of research at Bitwise.

The outflow occurred amid a rise in prices above $104,000 — just days after the White House announced a 90-day reduction in mutual tariffs between the US and China. This alleviated market concerns and improved investor sentiment.

“The ‘truce’ in the trade war reduces the risk of ‘sudden escalation,’ fostering a risk-on environment and boosting bitcoin, altcoins, and the stock market,” said Nansen’s lead analyst Aurélie Barther to Cointelegraph.

Supply Shock?

The growing interest from institutional investors and large companies could lead to a reduction in the supply of bitcoin on exchanges. In such conditions, even a moderate increase in demand can easily push up the price of digital gold. 

“In 2025 alone, corporations have purchased four times more of the leading cryptocurrency than all bitcoin ETFs on the US spot market combined, which is simply incredible,” said Dragosch. “We are already close to 200,000 BTC, which corresponds to the annual supply of new bitcoins.”

The chart below illustrates the growth of bitcoin’s “illiquid supply,” confirming the hypothesis of accumulation in the wallets of large investors.

Despite the positive trend, the Bitwise researcher warned of potential short-term corrections due to an overheated market.

At the time of writing, bitcoin is trading around $103,600. Over the past 24 hours, the asset has risen by 0.5%, and over seven days — by 10%, according to CoinGecko. 

Coinbase is set to become the first cryptocurrency company in the S&P 500. Its shares will be included in the stock index on May 19.