Coinbase Bitcoin Reserves down by 15% since February

Coinbase BTC Reserve tracks the amount of Bitcoins its users hold on the cryptocurrency exchange. It measures everything from the coins that users have in their Coinbase wallets, as well as the coins that they deposit on the exchange for trading purposes.

When it falls, coin holders are either selling their assets or moving their BTCs to personal wallets for long-term storage. According to Burakkesmeci, the four-month decline in Coinbase BTC Reserves is a result of the “increased demand due to Spot ETFs.”At press time, the cumulative spot BTC volume held by its issuers, namely BlackRock , the Grayscale Bitcoin Trust , Fidelity , Ark Invest/21Shares , Bitwise , Franklin , Invesco/Galaxy , VanEck , Valkyrie , WisdomTree and Hashdex , totalled $296.32 billion.Among all spot BTC ETF issuers, BlackRock currently holds the highest assets under management .

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