Coinbase Nears Historic 1 Million Bitcoin Milestone Amid Rise in Reserves and ETF Activity

Recent data reveals Coinbase Global is on the brink of holding 1 million bitcoins, requiring just an additional 5,019 bitcoins to cross this significant milestone. In the preceding fortnight, Coinbase has witnessed its bitcoin reserves grow by 16,404 bitcoins, inching closer to this noteworthy threshold.

Coinbase on Cusp of 1 Million Bitcoin

Coinbase (Nasdaq: COIN) is edging nearer to the 1 million bitcoin mark, currently possessing 994,981 BTC valued at $42.17 billion. Trailing only behind Satoshi Nakamoto, Coinbase stands as the most substantial bitcoin holder in the industry. Over the recent two weeks, the exchange observed a deposit of 16,404 bitcoins, amounting to $694 million. Meanwhile, Coinbase Pro, the firm’s trading platform, recorded a withdrawal of 4,624.56 BTC, as indicated by its 30-day outflow data.

Coinbase Nears Historic 1 Million Bitcoin Milestone Amid Rise in Reserves and ETF Activity

There’s a significant flurry of activity among the ten new U.S.-based spot bitcoin exchange-traded funds (ETFs). Since Jan. 12, 2024, Grayscale’s GBTC reserves diminished by 114,367.39 BTC, while the other nine ETFs collectively accumulated 132,170 BTC since their inception. Notably, every single ETF, except for Vaneck and Fidelity, relies on Coinbase for custodial services. This reliance likely contributed to the modest increase of 16,404 bitcoins in Coinbase’s BTC reserves since Jan. 13.

The eight ETFs using Coinbase’s custodial services may have facilitated offchain swaps, with Coinbase acting as the sole intermediary. If the BTC deposit trend at Coinbase persists, the platform is poised to reach the 1 million bitcoin milestone soon, needing only an additional 5,019 bitcoins. Coinbase’s present holdings represent 5.07% of the total circulating supply of 19,611,049 bitcoins and constitute 4.73% of the overall 21 million bitcoin supply cap.

Separate from Coinbase’s custodial activities, other exchanges have experienced a bitcoin influx since January’s onset. According to cryptoquant.com, exchanges held 2,087,030 BTC on Jan. 1, 2024, which has risen to 2,100,984 BTC today, marking a 13,954 BTC increase over the last 28 days. Rising BTC reserves in exchanges generally suggest increased selling pressure, while substantial withdrawals imply the contrary, reducing liquidity in the market.

What do you think about Coinbase nearing the 1 million bitcoin mark? Let us know what you think about this subject in the comments section below.

source https://news.bitcoin.com/coinbase-nears-historic-1-million-bitcoin-milestone-amid-rise-in-reserves-and-etf-activity/

Komentar

Postingan populer dari blog ini

Spanish Treasury Secretary Says Cryptocurrencies Carry a ‘Risk of Default’, Repeats Bank of Spain’s Lack of Regulation Rhetoric

The government of Spain continues to harden its stance against widely adopting cryptocurrencies. The Spanish Secretary of State for the Economy recently expressed her concerns on risks that she thinks cryptos possess for the national economy. Secretary Doesn’t Like Bitcoin as It Cannot Be ‘Supervised or Sanctioned’ During the Online Fintech Summit 2021 , Ana de la Cueva said that cryptocurrencies such as bitcoin ( BTC ) carry “a risk of default, given that the user does not have the protection offered by traditional payment systems against a default by the counterparty.” In fact, the Secretary blasted off on the lack of a “centralized guarantee system” in bitcoin. Interestingly, at the beginning of her speech, De La Cueva mentioned that the cryptocurrency’s technology is based on blockchain. However, she later pointed out that there is no standard “clarity” on the nature of bitcoin. The Secretary repeated the same rhetoric of Spanish state entities on crypto assets, saying that th...

Baca selengkapnya

Barry Silbert Resigns as Chairman of Grayscale Investments

Digital Currency Group (DCG) founder Barry Silbert has resigned from his position as the chairman of Grayscale Investments. Current DCG chief financial officer Mark Shifke succeeds Silbert and is joined by Edward McGee and Matthew Kummell as members of the new look board. Preparing for Grayscale’s Next Chapter Barry Silbert, the founder and CEO of Digital Currency Group, has resigned from his position as chairman of the digital asset management company Grayscale and will be replaced by Mark Shifke. According to the company’s filing with the Securities and Exchange Commission (SEC), starting Jan. 1, 2024, Grayscale’s board will be composed of Mark Shifke, Matthew Kummell, and Edward McGee. Current Grayscale Investments CEO Michael Sonnenshein is also a board member, while Mark Murphy, the president of Digital Currency Group (DCG), departs alongside Silbert. Commenting on the changes to the board, an unidentified Grayscale spokeswoman reportedly said: “Grayscale and our investors ...

Baca selengkapnya

48 US Lawmakers Ask SEC Chair Gensler to Clarify Whether ETH Is a Security — Warn of ‘Negative Repercussions’

Forty-eight U.S. lawmakers have sent a letter to U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler asking him to clarify whether ether is a security. “The negative repercussions of the SEC implicitly or directly classifying ETH as a digital asset security will cascade throughout the digital asset marketplace both in the short and long […] source https://news.bitcoin.com/48-us-lawmakers-ask-sec-chair-gensler-to-clarify-whether-eth-is-a-security-warn-of-negative-repercussions/

Baca selengkapnya

Crypto Account Manager

Cari Blog Ini