TLDR
- Coinbase’s XRP cold wallet holdings have decreased from 970 million to just 98 million in three months.
- The significant reduction in cold wallet holdings has raised concerns within the cryptocurrency community.
- XRP tokens have been moved from cold wallets to hot wallets to meet customer withdrawal requests.
- As of September 13, Coinbase moved 16.5 million XRP from its cold wallet to a hot wallet.
- Coinbase now holds only six cold wallets with XRP, down from 52 in June.
Coinbase’s XRP cold wallet holdings have drastically reduced from 970 million to just 98 million XRP in the past three months. The shift has raised questions in the community, as large movements of XRP typically occur in hot wallets. Experts are scrutinizing whether these transfers are part of a broader market trend or strategic actions by the exchange.
Coinbase Cold Wallets Witness a Dramatic Drop
Coinbase once held 970 million XRP across 52 cold wallets as of early June. Cold wallets store long-term assets, typically for customer deposits and reserves. However, since June, these wallets have seen continuous outflows, with millions of XRP transferred from them.
The recent movements were unusual for cold wallets, which generally experience little activity. These assets are typically kept secure and not used for daily transactions. Whale Alert, a market tracking platform, noticed the large movements and flagged them as significant, with transfers often involving over 16 million XRP tokens.
According to data from XRPScan, Coinbase now has only six cold wallets holding XRP. These wallets hold 16 million XRP each, a significant decrease from the 52 wallets previously recorded. The remaining holdings now total just 98 million XRP, marking an 89.8% drop from June.
Coinbase Cold Wallets Tracker
52 Coinbase Cold Wallets Total
10 wallets 26.8M
42 wallets 16.8MEstimated 970M XRP pic.twitter.com/Qlu8K1xJvr
— XRP_Liquidity (Larsen/Britto/Escrow/ODL/RLUSD) (@XRPwallets) June 9, 2025
Coinbase’s Cold Wallets Moving XRP to Hot Wallets
On September 13, a notable transaction took place when Coinbase’s cold wallet (Cold 141) transferred 16.5 million XRP to a hot wallet (Coinbase 6). This transfer was then used to fulfill customer withdrawal requests. As of now, Coinbase’s hot wallets hold just 35,924 XRP after fulfilling these requests.
The large-scale transfers have continued to raise speculation regarding the movement of XRP on Coinbase’s platform.
“These movements show a clear need to manage customer withdrawals and liquidity,” said an anonymous source familiar with the exchanges’ practices.
While the transfers from cold wallets to hot wallets are expected, the frequency has raised questions about Coinbase’s operational strategy.
The XRP community has reacted with mixed views, with some speculating that these shifts may indicate a larger market play. It is unclear whether these movements are linked to a larger whale-driven market impact, but some believe this could lead to a supply shock, possibly pushing prices higher.
Despite numerous transactions, Coinbase has not provided an official comment on the changes in its XRP holdings. The company has also not responded to a request for comment regarding the significant movement of assets.
