cbETH supply plummets! Coinbase faces massive redemption wave

According to Dune data, since June 12, Coinbase’s Ethereum pledged token cbETH has experienced large-scale redemptions, and the supply has dropped sharply from 1.46 million to less than 700,000, a month-on-month drop of more than 50%. There are currently only 657,000 cbETH left, indicating that the market demand for cbETH has declined significantly.

This large amount of redemptions may indicate that investors are less confident in the market prospects or are looking for other more attractive staking opportunities. Regardless of the cause, the sudden drop in cbETH supply will undoubtedly have a profound impact on the market. Investors should pay close attention to this trend and consider adjusting their strategies accordingly to deal with potential market fluctuations.

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