Coinbase Holds $52 Billion Worth of Bitcoin, Becoming Top Holder with 4.3% of Supply
In a recent tweet, Arkham Intelligence revealed that Coinbase holds a whopping $52 billion worth of Bitcoin, solidifying its position as the top holder of BTC with over 4.3% of the total supply. This massive stash raises the question of how much of it will be utilized in the decentralized finance (DeFi) space.
Coinbase's announcement of "cbBTC" has sparked interest in the crypto community, hinting at a potential game-changer in the DeFi realm. The upcoming launch of cbBTC on the Base network, Coinbase's layer-2 blockchain, is expected to create a robust Bitcoin economic system and compete with other major players.
In response to the recent Consumer Price Index (CPI) data released by the U.S., Bitcoin experienced a slight dip, dropping below $59,000 at one point during Tuesday's trading session. Despite this, experts like Matt Hougan, Bitwise CIO, believe that the CPI report signals a positive outlook for Bitcoin, with expectations of the Federal Reserve cutting interest rates in September.
Overall, Coinbase's massive Bitcoin reserves, the introduction of cbBTC, and the implications of the latest CPI data all point towards a potentially bullish trend for Bitcoin in the near future. Investors should keep a close eye on these developments as they could have a significant impact on the cryptocurrency market and their own financial portfolios.