According to the latest data, Coinbase Global is on the verge of reaching the impressive mark of holding 1 million bitcoins. They are only a mere 5,019 bitcoins away from achieving this significant milestone. Over the past two weeks, Coinbase has seen a substantial increase in its Bitcoin holdings, getting closer to an impressive milestone.
Coinbase Nearing 1 Million Bitcoin Milestone
Coinbase (Nasdaq: COIN) is getting closer and closer to reaching the impressive milestone of owning one million bitcoins. Currently, Coinbase has 994,981 bitcoins in its possession and is valued at $42.17 billion. Coinbase, which is ranked just below Satoshi Nakamoto, is widely acknowledged as being among the largest holders of bitcoins in the industry.
Over the last two weeks, the cryptocurrency exchange has documented a deposit of 16,404 bitcoins, which amounts to an astounding $694 million. During this time, the company’s trading platform, Coinbase Pro, reported a withdrawal of 4,624.56 BTC, as indicated by the data it collected over thirty days.
The Frequency of Transactions Has Increased Significantly
Among the ten spot bitcoin exchange-traded funds (ETFs) that were just recently introduced in the United States, there has been a discernible increase in the frequency of transactions. Grayscale’s holdings of GBTC experienced a decrease of 114,367.39 BTC beginning on January 12, 2024. For the same period, the other nine exchange-traded funds (ETFs) collectively acquired 132,170 BTC since their inception.
It is interesting to note that all exchange-traded funds (ETFs), with the exception of Vaneck and Fidelity, take their custodial services from Coinbase. Coinbase’s Bitcoin holdings have increased by 16,404 bitcoins since January 13, and this dependence is likely one of the factors that contributed to this slight increase.
The eight ETFs utilizing Coinbase’s custodial services may have facilitated off-chain exchanges, where Coinbase served as the only intermediary. If the current pattern of BTC deposits continues on Coinbase, the platform is on track to achieve the impressive milestone of 1 million bitcoins in the near future.
Top 5 Cryptocurrencies Today:
| Name | Price | 24H (%) |
|---|---|---|
Bitcoin
(BTC)
| $29,078.00
| -3.19% |
Ethereum
(ETH)
| $1,948.11
| -4.71% |
Tether
(USDT)
| $1.00
| -0.03% |
BNB
(BNB)
| $295.60
| -1.51% |
Cardano
(ADA)
| $0.51
| -10.30% |
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To reach this significant goal, only an additional 5,019 bitcoins are required. Coinbase’s current holdings make up 5.07% of the total number of bitcoins in circulation, which amounts to 19,611,049. These holdings also account for 4.73% of the overall supply cap of 21 million bitcoins.
Other Exchanges Aren’t Lagging Either
In addition to Coinbase’s custodial activities, several other exchanges have witnessed a surge in Bitcoin transactions since the beginning of January. According to cryptoquant.com data, the amount of BTC held by exchanges on January 1, 2024, was 2,087,030.
Today, it has increased to 2,100,984 BTC, indicating a rise of 13,954 BTC in the past 28 days. When the amount of BTC held in exchanges goes up, it usually means there’s more selling happening, which can put downward pressure on prices. On the other hand, significant withdrawals indicate the opposite, reducing the availability of BTC in the market.
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