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

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.



from Bitcoin News https://ift.tt/bnaUMjL

Comments

Post a Comment

Popular posts from this blog

L2 Crypto Project Blast Achieves $660M TVL Amid Mockery for Key Developer Recruitment

Image
Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers. While Amassing $660M, L2 Blast Project Searches for Developers In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman , the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million. Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation. Pacman has also countered the Ponzi scheme allegations and further cl
Read more

Harsh Laws Make Bitcoin Holders Consider Renunciation or Dual Citizenship

Image
As digital currencies become a mainstay in society, a great number of governments have enforced strict tax guidelines, severe money transmission rules, and tough regulations. Because of a few nation-states’ harsh rules against cryptos, there are individuals who plan to renounce their citizenship in order to become stateless. Some people will also attempt to get double-citizenship, as both of these acts may help sovereign individuals avoid government intrusion and theft. Also Read: As FATF Regulations Galvanize, Crypto Mixing Applications Are Targeted A Cryptocurrency Advocate’s Quest for Financial Sovereignty May Involve Hard Choices It’s been close to 11 years since the inception of Bitcoin and during the last few years government agencies and law enforcement have been cracking down on digital currency holders. In certain areas around the world, a few countries have extremely difficult crypto laws and stringent capital gains taxes. Countries like the U.S. have imposed strict regul
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

Image
As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting
Read more