Coinbase XRP reserves plunged from ~970 million XRP in June to 65.6 million XRP by mid‑September, a 93% decline. On‑chain data shows 48 of 52 tracked cold wallets are now empty, prompting questions on wallet restructuring or institutional accumulation behind the scenes.
Coinbase XRP reserves fell from 970M to 65.6M in three months (≈93% drop)
48 of 52 tracked cold wallets now show zero balances; four remain active at ~16.4M XRP each.
Over 900M XRP (~$2.8B at current price) moved out of visible Coinbase storage, raising institutional accumulation speculation.
Coinbase XRP reserves collapsed from 970M to 65.6M XRP in three months — learn why this matters and what on‑chain data shows. Read full analysis and next steps.
What happened to Coinbase XRP reserves?
Coinbase XRP reserves fell from roughly 970 million XRP in June to 65.6 million XRP by mid‑September. The shift reflects a 93% decline in visible exchange cold‑wallet holdings and has generated debate over wallet restructuring versus off‑exchange accumulation by institutional actors.
How did Coinbase’s XRP holdings drop so quickly?
On‑chain trackers noted that, in June, Coinbase controlled 52 tracked cold wallets totaling ~970M XRP. By mid‑September, 48 of those wallets reported zero balance. The remaining four wallets each show ~16.4M XRP, totaling 65.6M. Large outbound movements and wallet consolidations explain the visible decrease; coins may have moved to new custody addresses or to institutional allocations.
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Coinbase’s XRP reserves fell from 970M to 65.6M in 3 months, sparking speculation on institutional accumulation behind the scenes.
- Coinbase’s XRP reserves shrink from 970M in June to 65.6M, marking a steep 93% decline in just 3 months.
- 48 of Coinbase’s 52 tracked wallets are inactive, raising questions on whether XRP moved or was restructured.
- Analysts suggest institutions like BlackRock may use Coinbase to quietly build XRP positions for their clients.
In June, Coinbase’s monitored wallets held about 970 million XRP across 52 cold wallets. Ten wallets contained approximately 26.8 million XRP each, while the remainder averaged about 16.8 million XRP per wallet.
By mid‑September, only four of those tracked wallets remained active. Each still holds roughly 16.4 million XRP, leaving an aggregate visible balance of 65.6 million XRP. That is under 7% of the June total. The apparent movement of over 900 million XRP—valued at roughly $2.8 billion at current market rates—has removed the coins from the set of previously tracked addresses.
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Coinbase continues to process substantial transfers even as the older cold wallets become inactive. Over a recent weekend, one movement of 16.5 million XRP (about $51.4 million) transited the exchange, indicating continued operational throughput. Large transfers at this scale often trigger scrutiny of custody practices and potential institutional flow.
On‑chain analysts emphasize that empty tracked wallets do not automatically imply funds left the Coinbase ecosystem. Exchanges regularly rotate, consolidate, and restructure cold addresses for security and custody reasons. Coins can be moved into new internal wallets that are not yet publicly associated with Coinbase, obscuring visible holdings.
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