In retrospect, on-chain data suggests Coinbase was transacting with a large customer in the months leading up to MicroStrategy’s August announcement. A series of large quantities of bitcoin – nearly 80,000 in total – began moving out of Coinbase Pro’s reserve starting in the middle of the year and ending in the autumn. “Those outflows went to Coinbase Custody wallets (interoperated with over-the-counter wallets), not exchange wallets,” explained Ki Young Ju, CEO of analytics firm CryptoQuant, adding that Coinbase usually uses 8,000 BTC to make an initial custody wallet and requiring a minimum custody deposit of $10 million.
