Robinhood’s cold storage address has emerged as the third-largest single Bitcoin wallet, owning 0.69% of the total BTC supply.
Public fintech broker Robinhood was found to be the third-largest single Bitcoin wallet owner, holding $9.5 billion worth of the cryptocurrency, Coinbase director Conor Grogan said in an X post, citing data from Arkham Intelligence.
Data shows that Robinhood controls nearly 0.7% of the total supply of Bitcoin (BTC), third behind Bitfinex ($12.6 billion) and Binance ($17.4 billion). Coinbase executives noted that Robinhood’s Btcoin holdings have increased by about 14% over the past six months, increasing its market share.
Grogan also noted that Robinhood’s users have been reducing their Ethereum (ETH) holdings over the past six months, with the company’s ETH holdings falling 9% over the same period.
“Retail users are starting to return to cryptocurrencies, but not to ETH yet.”
Connor Grogan
Since the start of 2024, Bitcoin has risen more than 70% in value, hitting a new all-time high of $73,750 in March. In contrast, Ethereum’s returns were more modest, with returns of just 58% and failing to reach the previous high of $4,890 set at the end of 2021.
Last February, Bitcoin benefited from the U.S. Securities and Exchange Commission’s approval of a spot Bitcoin exchange-traded fund (ETF), which was approved in late January. Additionally, the largest cryptocurrency by market capitalization is poised to undergo its fourth halving in a matter of weeks, a development often seen as a catalyst for future positive price movements.