U.Today – According to Arkham Intelligence, Coinbase (NASDAQ:) holds a staggering $52 billion worth of Bitcoin, making it the largest BTC holder with over 4.3% of the total supply.
“Coinbase holds $52 billion in Bitcoin. They are the largest holder of BTC with over 4.3% of supply,” Arkham Intelligence wrote on Twitter.
In lightweight of the recent “cbBTC” announcement, Arkham Intelligence raises an captivating question about Coinbase’s significant Bitcoin reserves: “How much of that will go into decentralized finance (DeFi)?”
Coinbase recently tweeted about “cbBTC.” In the X thread, Coinbase teased the upcoming launch of cbBTC, which is set to play a key role in the DeFi space on the Base network, Coinbase’s layer 2 blockchain.
cbBTC is expected to build a powerful Bitcoin economic system on the Base network and compete with .
Bitcoin reacts to CPI data
The United States today announced that the seasonally adjusted core CPI inflation rate was 0.2% in July, compared with the 0.2% forecast and the previous 0.1%.
In July, the unadjusted annual rate of CPI in the United States was 2.9%, compared to expectations of 3.0% and 3.0% in the previous month. The annual rate of unadjusted core CPI in the United States was 3.2%, falling for the fourth month in a row and reaching the lowest level since April 2021.
According to CME, the probability that the Federal Reserve will cut interest rates by 25 basis points in September is 56.5%, while the probability of a 50 basis point cut is 43.5%.
Matt Hougan, CIO of Bitwise, summarizes two takeaways from the recent CPI release: “There are two takeaways 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.”
Bitcoin reacted unexpectedly to the CPI data, falling below $59,000 at one point during Tuesday’s trading session. At the time of writing, BTC is down 0.43% over the past 24 hours to $59,283, having reached intraday highs of $61,827.
