The existence of Coinbase in XRP has almost disappeared. At the beginning of the summer, the exchange held around XRP 970 million with 52 cold wallets. Ten of these wallets each held about 26.8 million coins, with the remaining wallets holding another 16.8 million.
According to XRPWallets, three months later, only four of these wallets are still active, each holding around 16.4 million XRP. This amounts to approximately 65.6 million XRP remaining. This is less than 7% of the total held in June.
I’ve seen some of them like them. A new subwuret will then be added. For example, after the ETF, I wanted to see where they were going from here. Oddly, they drain all their cold wallets into a new wallet.
– XRP_LIQUITITY (LARSEN/BRITTO/ESCROW/ODL/RLUSD) (@XRPWALLETS) September 18, 2025
Over 900 million XRPs have moved from Coinbase’s active storage within 90 days. This is worth nearly $2.8 billion at its current price.
Just last weekend, a transfer of 16.5 million XRP (worth $51.4 million) passed the exchange, indicating a massive transaction is ongoing despite the old wallet continuing to be empty.
What’s behind Coinbase’s XRP shuffle?
Overall, 48 of Coinbase’s 52 tracking wallets have now become inactive. The On-Chain Observer points out that this doesn’t necessarily mean that the coin is completely separate from the platform. They can be easily transferred to a new wallet that has not yet been identified as part of a regular custody restructuring.
However, given the scale of these transactions, some people wonder whether the institution is absorbing the coin. One theory is that large players (and perhaps even companies like BlackRock) could use Coinbase infrastructure to build client positions without leaving the public trail.
In any case, the numbers speak for themselves. Coinbase’s visible stack has been rapidly reduced from XRP 1 billion in June to below 70 million now.
