According to Arkham Intelligence, Coinbase holds a staggering Bitcoin stash: $52 billion worth of Bitcoin, making it the top holder of BTC, with over 4.3% of the total supply.
"Coinbase holds $52 Billion of Bitcoin. They’re the top holder of BTC with over 4.3% of the supply," Arkham Intelligence wrote in a tweet.
Coinbase holds $52 Billion of Bitcoin.They’re the top holder of BTC with over 4.3% of the supply.How much of that is coming to DeFi? https://t.co/yWI6dCsctu pic.twitter.com/wP6JojXu8q
— Arkham (@ArkhamIntel) August 14, 2024
In light of the recent announcement about "cbBTC," Arkham Intelligence poses an interesting question concerning Coinbase's significant Bitcoin reserves: "How much of this will be channeled into the 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.
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cbBTC is anticipated to build a huge Bitcoin economic system on the Base network and would be a competitor to WBTC.
Bitcoin reacts to CPI data
Today, the U.S. announced that the seasonally adjusted core CPI monthly rate in July was 0.2%, compared to 0.2% projected and 0.1% previously.
In July, the unadjusted CPI annual rate in the United States was 2.9%, compared to 3.0% expectations and 3.0% the previous month. The annual rate of the unadjusted core CPI in the United States was 3.2%, falling for the fourth consecutive month and the lowest level since April 2021.
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According to CME, the Federal Reserve's likelihood of decreasing interest rates by 25 basis points in September is 56.5%, while the probability of cutting rates by 50 basis points is 43.5%.
Matt Hougan Bitwise CIO summarizes two takeaways from the recent CPI release: "There are two take-aways that matter from the CPI:1) The Fed will start cutting rates in September2) 3% is the new baseline for inflation, not 2%.Both are bullish for bitcoin."
Bitcoin posted an unexpected reaction to the CPI data, falling below $59,000 at one point in Tuesday's trading session. At the time of writing, BTC was down 0.43% in the last 24 hours to $59,283 having reached intraday highs of $61,827.
