Here’s How Much Bitcoin Coinbase Holds

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As an analyst with over two decades of experience in the financial markets, I find myself intrigued by the latest developments surrounding Coinbase and Bitcoin. The revelation that Coinbase holds $52 billion worth of Bitcoin, approximately 4.3% of the total supply, is a game-changer in the crypto landscape. With the imminent launch of cbBTC, expected to play a significant role in the DeFi space on the Base network, it’s fascinating to ponder how much of this massive stash will be channeled into decentralized finance.

As reported by Arkham Intelligence, Coinbase boasts an impressive Bitcoin hoard valued at approximately $52 billion, giving it the title of the largest Bitcoin owner, controlling more than 4.3% of the entire Bitcoin supply.

According to a tweet from Arkham Intelligence, Coinbase has approximately $52 billion worth of Bitcoin, making them the largest holder with more than 4.3% of the total Bitcoin supply.

Coinbase currently controls approximately 4.3% of all existing Bitcoins, which amounts to around $52 billion worth. It’s interesting to consider how much of this significant Bitcoin holdings might find its way into Decentralized Finance (DeFi).

— Arkham (@ArkhamIntel) August 14, 2024

Considering the latest news on “cbBTC”, Arkham Intelligence raises a thought-provoking inquiry about Coinbase’s substantial Bitcoins: “What proportion of these holdings might end up in the realm of Decentralized Finance (DeFi)?”

Coinbase recently released a tweet about “cbBTC.” In the X thread, Coinbase teased the upcoming launch of cbBTC, expected to play a crucial role in the DeFi space on the Base network, Coinbase’s Ethereum layer-2 blockchain.

It’s expected that cbBTC will construct a substantial Bitcoin economy on its Base network, positioning itself as a rival to WBTC.

Bitcoin reacts to CPI data

In simple terms, today’s report revealed that the anticipated monthly increase for the core Consumer Price Index (CPI) in the U.S. for July was 0.2%. This is slightly higher than the 0.1% increase seen in June and also surpasses the predicted rate of 0.2%.

Last July, the actual yearly Consumer Price Index (CPI) rate in the U.S. was 2.9%, which was lower than the predicted 3.0% and the previous month’s rate of 3.0%. Meanwhile, the annual rate for the unadjusted core CPI in the U.S. decreased for the fourth straight month to 3.2%, marking its lowest point since April 2021.

As reported by CME, there is approximately a 56.5% chance that the Federal Reserve will lower interest rates by a quarter of a percent (25 basis points) in September. Additionally, they estimate a 43.5% probability that the Fed will reduce rates by half a percent (50 basis points).

Matt Hougan, Bitwise CIO, highlights two significant insights from the latest CPI data:

Bitcoin exhibited an unanticipated response to the CPI figures, dipping below $59,000 momentarily during Tuesday’s trading. As I write this, BTC has dropped by 0.43% over the past day, currently valued at $59,283. Earlier today, it peaked at $61,827.

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2024-08-14 19:33