TLDR
- Coinbase drops from 5th to 10th in XRP holdings, now holds 199.47M XRP.
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10M XRP worth $29M moved from Coinbase in single whale transaction.
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BlackRock’s Aladdin platform now connected to crypto through Coinbase.
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Most major exchanges are increasing XRP holdings as Coinbase reduces.
Analytics data from XRPwallets shows that Coinbase has reduced its XRP holdings by over 580 million coins in the past two months. In early July, the exchange held approximately 780.13 million XRP. As of September 1, this number has fallen to just 199.47 million.
This 74% decrease has pushed Coinbase from the fifth to the tenth position on the list of top XRP-holding exchanges. The updated rankings place Coinbase behind platforms such as Binance, Upbit, Crypto.com, and Bithumb, all of which have maintained or increased their XRP reserves.
1/2 Coinbase now has 200M XRP previously 750M XRP. Blackrock? See below article and tracking of Coinbase Cold Wallets.
200M??? I think what's left is mostly retail XRP. I also believe Uphold, Binance, Upbit are similar. When Ripple starts sending all those XRP's…. https://t.co/gfMYwnsTVw— XRP_Liquidity (Larsen/Britto/Escrow/ODL/RLUSD) (@XRPwallets) September 1, 2025
While other exchanges are accumulating Ripple’s native coin following the company’s $50 million settlement with the U.S. SEC, Coinbase has taken a different path, raising questions about strategic realignments at the company.
BlackRock Connection and Institutional Access to XRP
The major shift in Coinbase’s XRP wallet is believed to be linked to its ongoing partnership with BlackRock. A month-old article by Coinbase announced that it had enabled access to crypto for institutional investors using BlackRock’s Aladdin platform.
Initially limited to Bitcoin, the partnership is thought to have expanded to other cryptocurrencies, including XRP. This collaboration may have triggered increased institutional activity that led to major transfers of XRP from Coinbase wallets. XRPwallets suggested that this institutional shift could explain the recent drop in Coinbase’s XRP holdings.
Coinbase is the exclusive provider of crypto custody and trading for clients using BlackRock’s Aladdin, which manages trillions in institutional assets globally.
10M XRP Whale Transfer Sparks Speculation
On August 31, a transaction involving 10 million XRP, worth approximately $29 million, was executed through Coinbase. Analysts and blockchain trackers have debated whether this transfer represents a sell-off or strategic self-custody.
According to Chaikin Money Flow (CMF) data, the market flow stands at -0.07, pointing toward minor selling pressure. However, some experts believe that the XRP transfer might be part of a shift toward self-custodial wallets, especially during times of price volatility.
XRP recently declined 5.5% over the past week and trades near the $2.79 level, after reaching $3.35 highs earlier in the month. These conditions often prompt large holders to move assets off centralized platforms.
DeFi and Custody Trends in Focus
While Coinbase has reduced its XRP reserves, many other top exchanges have been increasing their holdings. Binance, Uphold, and Upbit continue to accumulate XRP. This diverging strategy shows growing interest from retail and institutional players in holding XRP during uncertain market periods.
The decrease in centralized exchange custody, especially at Coinbase, may reflect the growing role of DeFi-based self-custody. Although self-custody provides users with full control, it also places all responsibility for asset safety on the holder.
This development may be more suitable for institutional investors who require direct asset control, especially when operating through platforms like Aladdin.
