Coinbase CEO denies Bitcoin reserve allegations, market controversy continues

🎉Odaily Planet Daily News, Coinbase founder and CEO Brian Armstrong recently spoke on X, denying allegations that the company packaged Bitcoin cbBTC and sold it to BlackRock and did not maintain 1:1 support. These allegations have sparked heated discussions in the crypto community, and some people questioned Coinbase's transparency in Bitcoin reserves.

📊Cryptoquant data shared by cryptocurrency analyst Tyler Durden shows that Coinbase is a major buyer and seller at market highs and lows, and suggests that Coinbase allows BlackRock to borrow Bitcoin without providing collateral. As one of the world's largest Bitcoin holders, BlackRock is believed to be likely to profit by controlling Bitcoin price movements.

🔍Armstrong emphasized that the Bitcoin minting and destruction of BlackRock's spot Bitcoin ETF are transparent and on-chain, and for privacy reasons, Coinbase cannot share the wallet addresses of its institutional customers. In addition, Bloomberg ETF analyst Eric Balchunas also denied these doubts, saying that BlackRock's ETF helped stabilize Bitcoin prices during market volatility.

🚀Despite market controversy, the outlook for Bitcoin remains optimistic.