No UTXO, no coins.

I have a feeling all of his stash held by Coinbase are being rehypothecated. If he withdrew his coins and did another institutional-grade, industry-leading workshop on running a node and setting up multisig, I wouldn't be surprised if BTC pumped harder as Coin ase scrambled to find more supply.

Without the UTXOs, it's just another Wall Street financial black box. Who knows what's going on.