Coinbase’s Ascension to 1 Million Bitcoins Amidst ETF Buzz
Coinbase Global inches closer to holding 1 million bitcoins, needing just 5,019 more to reach this milestone.
With 994,981 BTC valued at $42.17 billion, Coinbase stands as one of the largest bitcoin holders after Satoshi Nakamoto. Over the past two weeks, the exchange saw a deposit of 16,404 bitcoins worth $694 million, while its trading platform, Coinbase Pro, recorded a withdrawal of 4,624.56 BTC. Ten new U.S.-based spot bitcoin exchange-traded funds (ETFs) show significant activity, with Grayscale’s GBTC reserves decreasing by 114,367.39 BTC and the other nine ETFs collectively accumulating 132,170 BTC since inception.
Most ETFs rely on Coinbase for custodial services, likely contributing to the modest increase in Coinbase’s BTC reserves. If the deposit trend continues, Coinbase could soon reach the 1 million bitcoin milestone, representing 5.07% of the total circulating supply. Additionally, exchanges have experienced a net increase of 13,954 BTC over the last 28 days, potentially signaling increased selling pressure or reduced liquidity.
Clever Robot News Desk 30th January 2024
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