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If you are immediately looking for the answer to the question in the post, the answer is NO. It is not an outflow and we explain why, but more importantly we explain something more important, which is how it uses CoinBase addresses and how it executes transactions on the Blockchain.
What just happened today, an outflow movement of 47,348 Bitcoin, divided into 4 transactions of 11,837 Bitcoin, is the classic example that can perfectly represent how CoinBase transactions.
The onchain data would show this, which is a mega outflow :
when in fact it is a classic internal movement, i.e. moving from CoinBase addresses to other addresses also owned by CoinBase.
Now, first we will show you a classic Binance move, where all sending and receiving addresses are easily tracked even for the average user, and it will be helpful for us to understand the differences between CoinBase and most other exchanges.
Link Graph: https://explorer.bitquery.io/bitcoin/address/3LYJfcfHPXYJreMsASk2jkn69LWEYKzexb/graph
In the last section of the previous chart, you find represented the movement of over 127,000 Bitcoins that occurred on November 18; as you can see, both the history of previous transactions and the latest movement is clear, readable, each address is easily identifiable and assignable to an entity, in this case Binance. The user, even a user with average analytical skills, can easily identify the funds, know how many there are and where they are, at any time. In addition, previously known addresses are reused; this simplifies the analysts’ job since you already know for sure they are owned by Binance.
We now show you only a part of the latest CoinBase movement, that is, only 1 of 4 transactions of 11,837 for a total of 47,348 occurred on November 23.
From the CoinBase address 12Gjyd3MMR7Dj2KwCxw71wwzZXVp2xy8nK all funds were moved to a virgin address 1D1SwsCBpifHSefJUo4BD8bYMvWRbH9mzz, subsequently divided into 111 addresses, and again distributed and divided into 10 addresses.
Now, this is just one movement of the 4 addresses, you just have to multiply everything by 4 🙂
BtcInOutAlert, 23 November 2022
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