Coinbase's colossal Bitcoin holdings, unveiled by Arkham Intelligence, challenge crypto's status quo. With over 1 million BTC and regulatory uncertainties, it's a fascinating cryptocurrency tale.
. The data further revealed that these addresses collectively contained over 1 million Bitcoins, with a total estimated value exceeding $25 billion.
Also, the holdings in these wallets accounted for 5% of the entire circulating Bitcoin supply. This solidified Coinbase’s position as the largest entity in the Bitcoin ecosystem. Additionally, Arkham Intelligence pointed out that the actual volume of Bitcoin held by the exchange could potentially be even higher, given the presence of unlabeled addresses associated with Coinbase that have yet to be fully accounted for., the current circulating supply of Bitcoin stands at more than 19.4 million. At the time of this report, the corresponding market capitalization has surged past $518 billion, constituting nearly half of the total cryptocurrency market capitalization.
When factoring in Coinbase’s extensive holdings, it becomes evident that Coinbase possesses a remarkable 5% of the market value of almost half of the entire cryptocurrency market.Despite Coinbase’s substantial holdings and its position as one of the world’s largest exchanges, there has been a significant decrease in the supply ofAccording to data from Santiment, the amount of BTC held on exchanges was approximately 1.1 million as of this writing.
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