Coinbase Wallets Holding ZERO XRP? The Shocking Truth Revealed
Digital asset custody faces unprecedented scrutiny as Coinbase's XRP reserves spark industry-wide speculation.
Wallet Watchdog Report
Blockchain analysts uncover startling patterns in Coinbase's XRP allocations—or lack thereof. The exchange's cold storage movements suggest strategic repositioning rather than technical glitches.
Regulatory Chess Game
SEC litigation continues casting long shadows over XRP liquidity. Institutional players navigate compliance minefields while retail traders face escalating withdrawal delays.
Market Impact Analysis
Liquidity providers recalibrate risk models as top-tier exchanges reassess asset classifications. The zero-balance phenomenon triggers domino effects across derivative markets and lending protocols.
Behind the empty wallets lies Wall Street's favorite crypto paradox: preaching decentralization while controlling the faucets.
Coinbase, one of the largest U.S.-based crypto exchanges, now reportedly holds zero XRP in its cold wallets. Public data shows that just a few months ago, in June 2025, Coinbase had nearly 970 million XRP stored offline, worth around $2.8–$2.9 billion at the time. Over the past three months, those holdings have steadily declined, leaving no XRP in Coinbase’s long-term storage as of September 24, 2025.
The XRP did not vanish from the market. Experts said that the tokens moved to institutional players, over-the-counter (OTC) desks, and private cold wallets that are not publicly visible. This aligns with trends seen earlier in the year, where exchanges began transferring large amounts of crypto to meet institutional demand.
Outflows started in early June, with XRP moving from Coinbase cold wallets to hot wallets, then quickly to external addresses. By early September, the holdings had already dropped 90% to roughly 165 million XRP across just 16 public wallets. Mid-to-late September saw further consolidation to two wallets holding 32 million XRP.
Many experts believe that institutional investors preparing for upcoming XRP ETF approvals are behind the large transfers. Historical trends with Bitcoin ETFs suggest that major asset managers purchase the underlying tokens well before a fund officially launches. Firms such as Franklin Templeton, Grayscale, Bitwise, 21Shares, and WisdomTree could be using Coinbase Prime, an institutional-grade platform, to acquire XRP without public disclosure.
The speculation is that these moves are strategic. Acquiring XRP ahead of ETF approvals ensures that these companies can meet investor demand once the product goes live.
Apart from institutional purchases, other potential reasons for the depletion of Coinbase’s cold wallets include:
Coinbase’s XRP outflows come amid increasing institutional interest in the XRP Ledger. Ripple’s recent partnerships with BlackRock and other financial firms, along with the integration of its stablecoin RLUSD, have pushed more large-scale investors to adopt the network.
