Coinbase (COIN) Is the Top Holder of Bitcoin (BTC) With Over 4.3% of the Total Supply - U.Today

According to Arkham Intelligence, Coinbase (NASDAQ:COIN) holds a staggering Bitcoin stash: $52 billion worth of Bitcoin, making it the top holder of BTC

Coinbase (NASDAQ:COIN) is the top holder of Bitcoin (CRYPTO:BTC), with a stash valued at $52 billion, which amounts to more 4.3% of the total supply, data from Arkham Intelligence shows.

Coinbase recently teased the upcoming launch of "cbBTC," which is expected to play a key role in decentralized finance (DeFi) on Base, Coinbase's Ethereum layer-2 blockchain.

According to the X thread, cbBTC is set to create a large Bitcoin economic system on the Base network and would be a competitor to WBTC.

Bitcoin Reacts To CPI DataThe unadjusted CPI annual rate in the U.S. was 2.9% in July, compared to expectations of 3.0% and the prior month's 3.0%.

The annual rate of the unadjusted core CPI in the U.S. was 3.2%, which marks the fourth month in a row of decline and the lowest level since April 2021.

The probability of the Federal Reserve cutting interest rates by 25 basis points in September is 56.5%, while the chance of a 50-basis-point rate cut is 43.5%, according to CME.

"There are two take-aways that matter from the CPI:

1) The Fed will start cutting rates in September

2) 3% is the new baseline for inflation, not 2%.

Both are bullish for bitcoin," said Matt Hougan Bitwise CIO.

Bitcoin had an unexpected reaction to the CPI data, falling below the $59,000 level at one point during Tuesday's trading session.

At the last check, BTC was trading down 0.43% over the past 24 hours at $59,283, having hit intraday highs of $61,827.

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