Did Coinbase dump 90% of its XRP in 3 months?

Coinbase’s XRP reserves have collapsed by almost 90% in the past three months according to new on-chain data compiled by XRPWallet from ￰0￱ the start of the summer the ￰1￱ controlled approximately 970 million XRP across 52 cold ￰2￱ of those wallets each held 26.8 million tokens while the remaining 42 wallets combined for another 16.8 ￰3￱ scale of these holdings made Coinbase one of the most visible custodians of XRP in the ￰4￱ cold walllet.)

leaving the total at just under 99 million XRP a level not seen in ￰5￱ holdings on Coinbase see major outflow Specifically the drop marks an 89.79% decline from June’s tally the result of steady outflows throughout the summer as coins were moved from Coinbase cold storage to external ￰6￱ of the latest large transfers occurred over the weekend

when 16.5 million XRP worth $51.4 million shifted back into a Coinbase-controlled ￰7￱ transaction immediately fueled speculation among traders who continue to debate whether institutional buyers including large asset managers could be accumulating XRP through private ￰8￱ challenge is that on-chain data reveals only the depletion of Coinbase balances

not the final destination of the ￰9￱ remains unclear whether the withdrawn XRP is being shifted to alternative custody providers private vaults or new trading routes especially amongst the last XRP ETF hype and BlackRock ￰10￱ the uncertainty surrounding Coinbase’s shrinking role in XRP custody

the token itself remains firmly positioned as the world’s third-largest cryptocurrency trailing only Bitcoin and Ethereum with a market capitalization of around $181 billion at the time of ￰11￱ sudden reduction in Coinbase’s visible holdings however

has raised broader questions about how institutional demand is being managed where the XRP is ultimately flowing and whether the redistribution signals a structural shift in how the asset is traded and stored.