#Bitcoin  reserves at Coinbase gets drained, currently at ~267k, down from 418k early 2024.

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FTX redux?

Yo this is a crazy chart.

Great to see, at this rate they will be out by year end

But the draining at coinbase is totally not correlating with the price.

Smart.... They accumulated to 450k level as price was lower last year and offloaded a ton to retail (ETFs) thus year at $60+k.

Again, shafting retail.

drain it all 🚀