Coinbase Global Inc (NASDAQ: COIN) customers recently withdrew a significant portion of their holdings after rumors of a potential “liquidity crisis” began circulating on social media.
What Happened: On-chain data from CryptoQuant, first reported by CryptoSlate, revealed that $248 million of stablecoins left Coinbase on July 15. Essentially, the exchange lost 50% of its stablecoin reserves on Coinbase Pro in a single day.
Comparatively, exchanges like Binance only saw 1% of stablecoin reserves withdrawn on the same day.
After peaking at $1.2 billion in January, stablecoin reserves on Coinbase are now down to just $284 million. Meanwhile, Binance’s stablecoin reserves exceed $16 billion and remains on a steady uptrend since 2019.
Coinbase traders began withdrawing their stablecoins after a report from Business Insider that the exchange would shut down its affiliate marketing program.
“This has …
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