Coinbase's XRP reserves have dropped from over 970 million XRP in June 2025 to around 165 million today, according to XRPWallets. 

The tracking data shows that 52 cold wallets of the major U.S. exchange once had allocations between 16.8 million and 26.8 million XRP each. That structure has now collapsed to just 10 wallets, all sitting near the 16.5 million mark.

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This change means there has been an 83% drop in visible reserves on Coinbase. Back in early June, the exchange held about 25,526,876 XRP in Cold 210 and 25,498,189 XRP in a bunch of others. 

10 Cold Wallets Remaining at 16.5M XRP each.

— XRP_Liquidity (Larsen/Britto/Escrow/ODL/RLUSD) (@XRPwallets) September 4, 2025

By September, the balance per address had dropped to 16,483,929 XRP and even lower in some cases. The 16.5 million figure across the last ten addresses suggests a scheduled drawdown rather than random withdrawals.

Why? 2 reasons revealed

There may be two main reasons for this. First, let's look at supply rotation: XRP is being pulled into on-demand liquidity corridors, exchange-traded products and trust structures, which reduces the amount of XRP visible on Coinbase. 

Second, distribution is aligned with price levels: as XRP traded higher through the summer, portions of cold storage were sold off or reassigned.

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The timeline lines up with Coinbase's partnership with BlackRock. Back in August, Coinbase confirmed that its Aladdin integration began with Bitcoin. If XRP is included next, the shrinking cold wallet set may show coins being redirected into institutional channels. 

At the start of June, Coinbase still had over 970 million XRP in custody; by early September, only 165 million remained. That is a gap of over 800 million tokens in just three months.

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Thus, only 10 cold wallets are left, each holding around 16.5 million XRP. Once these are used up, supply will depend a lot on Ripple's escrow releases, corporate holdings and founder allocations.

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