Users punish Coinbase for disruptions by withdrawing a record amount of BTC

Coinbase experienced the highest net output of Bitcoins (BTC) in years following the recent service drop. Even Nassim Taleb has left the nest.

The Black Swan
The interruption on June 1 occurred during the traffic surge when Crypto Cash was trying to break through the $10,000 resistance level. Similarly, with the fall of BitMex a few months ago, this caused a lot of frustration among its user base. A few days later, one of its most famous users, the author of „Black Swan„, Nassim Taleb, left the exchange.

The Coinbase exchange was taken offline due to a 5-fold traffic spike during the Bitcoin upload

Users punishing Coinbase?
On June 7, Coinbase users withdrew 22,000 more Bitcoins than they deposited, worth $214 million. According to Glassnode data, only once in history did Coinbase see a higher net withdrawal: July 28, 2017, when the outflow was 22,500 BTC. The price at that time, however, was USD 2,785. Therefore, denominated in dollars, it was a much more modest event, with only USD 63 million in Bitcoin withdrawn from the exchange.

The last time this happened, BTC made $4,000
Bitcoin Balances Coinbase & All Exchanges

BitMex has been losing Bitcoins since Black Thursday
Coinbase still has about a million Bitcoins, more than any other exchange. Therefore, this latest incident may have a negligible impact on your bottom line. However, given how BitMex lost its leadership position, it’s recommended that Coinbase fix its scalability issues so as not to further alienate its users: Black Swans appear when you least expect them.

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