- Coinbase’s XRP reserves fell from 970 million to 99 million in three months, marking an 89.79% reduction.
- Only six cold wallets remain active at Coinbase, each holding approximately 16.5 million XRP.
- XRP’s market capitalization remains stable at $183 billion, despite Coinbase’s significant off-chain transfers.
Coinbase has seen a dramatic reduction in its XRP holdings, falling by nearly 90% over the past three months, according to new data from XRPWallets. At the start of the summer, the leading
U.S.-based crypto exchange held approximately 970 million XRP across 52 cold wallets.
Ten of those wallets each contained 26.8 million XRP, while the remaining 42 wallets jointly held another 16.8 million XRP. This significant total made Coinbase one of the largest visible XRP holders. However, by mid-September, only six wallets remain active, each carrying around 16.5 million XRP.
Holdings Drop to Levels Not Seen in Years
The total XRP stored by Coinbase now stands close to 99 million, a figure not recorded in several years. This transition represents an 89.79% reduction in holdings since June. The steep decline follows a series of consistent transfers that occurred between Coinbase and unknown addresses throughout the summer.
Among these movements, a transfer of 16.5 million XRP valued at $51.4 million occurred over the recent weekend. The pattern of such large-scale activity has sparked renewed discussion within the trading community, although the destination or purpose of these tokens remains unclear.
Institutional Activity Remains Unconfirmed
Some observers have speculated that major institutions, including large asset managers, may be acquiring XRP through Coinbase, potentially on behalf of clients. However, there is no official information confirming institutional purchases. The available on-chain data simply confirms the reduction of holdings within Coinbase’s cold storage without revealing subsequent locations.
Although the amount of XRP in the Coinbase reserves has significantly decreased, XRP remains to occupy the third position in the rank of the largest cryptocurrencies in terms of market capitalization. The asset is still a major force in the crypto ecosystem with its total market value of approximately $183 billion.
The high rate at which XRP is being moved out of Coinbase cold wallets would cause individuals to wonder whether the tokens are being sold to personal vaults, an institutional custody provider, or other trading firms. Although there is still no detailed information, the turnover indicates a change in the management of XRP on the side of one of its largest known investors.
