According to XRPWallets, Coinbase’s XRP reserves have fallen from over 970 million XRPs in June 2025 to around 165 million today.
Tracking data shows that 52 cold wallets in the US major exchanges were allocated between 16.8 million and 26.8 million XRP, respectively. Its structure now collapses into just ten wallets, all sitting near the 16.5 million mark.
This change means that Coinbase has reduced the visible reserve by 83%. In early June, the exchange held about 25,526,876 XRP in the cold 210 and 25,498,189 XRP with a bunch of others.
10 cold wallets remaining on the 16.5m XRP each.
– XRP_LIQUITITY (LARSEN/BRITTO/ESCROW/ODL/RLUSD) (@xrpWallets) September 4, 2025
By September, balances per address had dropped to 16,483,929 XRP, and in some cases even lower. The 16.5 million figures across the last 10 addresses suggest a scheduled drawdown rather than a random drawer.
why? Two reasons have been revealed
There may be two main reasons for this. First, let’s look at the supply rotation. XRP is drawn into on-demand liquidity corridors, exchange-selling products and trust structures to reduce the amount of XRP seen on Coinbase.
Second, the distribution is consistent with price levels. As XRP trades higher through the summer, some of the cold storage has been sold or reassigned.
The timeline is alongside Coinbase’s partnership with BlackRock. In August, Coinbase confirmed that its Aladdin integration began with Bitcoin. Next, if XRP is included, the shrinking cold wallet set may indicate that the coin is being redirected to the facility’s channel.
At the beginning of June, Coinbase was still detaining over 970 million XRP cases. By early September, only 165 million people were left. This is the gap between over 800 million tokens in just three months.
So only 10 cold wallets remain, each holding around 16.5 million XRP. Once these are exhausted, supply will depend heavily on Ripple’s escrow release, corporate holdings, and founder allocations.
