Coinbase is currently holding around 4% of the Bitcoin () in circulation, according to the blockchain analytics platform Glassnode.
Glassnode, the top US crypto exchange has approximately 839,000 BTC in its custody.
“Coinbase as an entity holds a vast fraction of both aggregate exchange balances, as well the US spot exchange-traded funds (ETF) balances via its custody service.
The COINBASE Exchange and Coinbase Custody entities currently hold an estimated 270,000 and 569,000 BTC respectively.”
Bitcoin, which is trading at $65,085 at time of writing, currently boasts a market capitalization of $1.285 trillion.
The blockchain analytics platform further that Coinbase experienced a “considerable increase” in Bitcoin deposits following the approval of spot Bitcoin ETFs in the US in January of this year.
“However, we note a significant portion of the deposits are associated with the outflows from the Grayscale Bitcoin Trust (GBTC) address cluster, which has been a long-standing supply overhead throughout the year.”
At the time of the approval of the spot Bitcoin ETFs, Coinbase was the custody partner for eight of the exchange-traded products. Coinbase is also a surveillance-sharing partner for some of the spot Bitcoin ETF issuers.
In July 2023, investment manager Valkyrie entered a surveillance-sharing agreement with Coinbase. Surveillance-sharing agreements involve the sharing of trading data, order book information and other market data with a view of monitoring trading activities to prevent fraud and market manipulation.
