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Robinhood’s cold storage address has emerged as the third-largest single Bitcoin wallet, boasting ownership of 0.69% of the total BTC supply.
Public fintech broker Robinhood turned out to be the owner of the third largest single Bitcoin wallet, holding over $9.5 billion worth of the crypto, Coinbase director Conor Grogan said in an X post, citing data from Arkham Intelligence.
According to the data, Robinhood controls nearly 0.7% of Bitcoin’s (BTC) total supply, third only to Bitfinex ($12.6 billion), and Binance ($17.4 billion). The Coinbase executive noted that over the past six months Robinhood’s Btcoin holdings increased by approximately 14%, increasing its share on the market.
Grogan also pointed out that over the past six months, Robinhood’s users decreased their holdings in Ethereum (ETH), with the company’s reserves of ETH declining by 9% over the same period.
“Retail users are beginning to come back to crypto, just not to ETH so far.”
Conor Grogan
Since the beginning of 2024, Bitcoin has experienced over a 70% increase in value, reaching a new all-time high of $73,750 in March. In contrast, Ethereum’s returns have been more modest, with a surge of only 58% and failing to reach its previous high of $4,890 set in late 2021.
In February, Bitcoin benefited from the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission, which was granted in late January. Additionally, the largest crypto by market capitalization is poised to undergo its fourth halving in a few weeks, a development often seen as a catalyst for future positive price movements.
