Robinhood’s Bitcoin holdings surpass $9.5b, third only to Bitfinex and Binance

Robinhood’s cold storage hole address has arised as the 3rd-biggest single Bitcoin pocketbook, boasting possession of 0.69% of the whole quantity BTC implement.

Public fintech broker Robinhood revolved out to be the owner of the 3rd biggest single Bitcoin pocketbook, clutching over $9.5 billion worth of the crypto, Coinbase supervisor Conor Grogan said in an X post, citing documents from Arkham Competence.

According to the documents, Robinhood handles practically 0.7% of Bitcoin’s (BTC) whole quantity implement, 3rd lone to Bitfinex ($12.6 billion), and also Binance ($17.4 billion). The Coinbase executive laid out that over the past six months Robinhood’s Btcoin holdings provoked by around 14%, boosting its share on the sector.

Grogan also sharp out that over the past six months, Robinhood’s users subdued their holdings in Ethereum (ETH), with the provider’s reserves of ETH repudiating by 9% over the super same duration.

“Retail users are onset to come ago to crypto, merely not to ETH so far.”

Conor Grogan

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Offered that the onset of 2024, Bitcoin has seasoned over a 70% boom in worth, recovering to a brand name-new-fashioned unanimously-time high of $73,750 in March. In comparison, Ethereum’s retorts have been additional tiny, with a eruption of lone 58% and also failing to reach its previous high of $4,890 methodology in late 2021.

In February, Bitcoin benefited from the consent of place Bitcoin marketplace-traded guidances (ETFs) by the U.S. Securities and also Bazaar Payment, which was granted in late January. In addition, the biggest crypto by sector capitalization is poised to undergo its fourth halving in a few weeks, a progression intermittently watched as a catalyst for future confident price versatilities.

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