Due to the surge in demand for spot BTC ETFs, the coins held on Coinbase have declined since February.
- Coinbase BTC Reserves have declined since February
- BTC’s price troubles over the past week have resulted in more outflows from its spot ETF market
Coinbase Bitcoin [BTC] Reserves have fallen by 15% since February, pseudonymous CryptoQuant analyst Burakkesmeci found in a new report.
Coinbase BTC Reserve tracks the amount of Bitcoins its users hold on the cryptocurrency exchange. It measures everything from the coins that users have in their Coinbase wallets, as well as the coins that they deposit on the exchange for trading purposes.
When it falls, coin holders are either selling their assets or moving their BTCs to personal wallets for long-term storage.
According to Burakkesmeci, the four-month decline in Coinbase BTC Reserves is a result of the “increased demand due to Spot ETFs.”
State of the Spot BTC ETF market
At press time, the cumulative spot BTC volume held by its issuers, namely BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW) and Hashdex (DEFI), totalled $296.32 billion.
According to The Block’s data dashboard, since this asset category became tradable in January, its daily volumes have continued to grow on the charts.
Among all spot BTC ETF issuers, BlackRock currently holds the highest assets under management (AuM). At press time, this amounted to $20.49 billion.
According to sosovalue.xyz’s ETF dashboard, since 13 June, there has been a decline in demand for spot BTC ETFs. On that day, outflows from the market totalled $226.21 million.
Continuing this trend on 14 June, net outflows from the spot BTC ETF market were $190.08 million.
AMBCrypto found that on that day, Fidelity’s FBTC recorded the largest outflows, with $80 million exiting its portfolio. It was followed by Grayscale’s GBTC, which saw outflows totaling $52 million.
As per sosovalue.xyz’s data dashboard, BlackRock’s outflows for that day were $7 million.
Since 10 June, the spot BTC ETF market has recorded outflows on four out of five days. This can be attributed to BTC’s weak performance over the last 7 days.
Source: sosovalue.xyz
At press time, the market’s leading cryptocurrency was valued at $66,061. According to CoinMarketCap, its value dropped by 5% in just 7 days, with BTC now facing significant resistance at the $70,000-price level.