American retail buying and selling large Robinhood has reportedly grown its digital asset holdings considerably previously six months, in keeping with an on-chain professional.
Parsing via knowledge from blockchain intelligence agency Arkham, Coinbase director Conor Grogan estimates that Robinhood’s Bitcoin (BTC) stash has grown 14%, including to its $23.59 billion holdings.
On the identical time, Grogan says Robinhood customers’ Ethereum (ETH) holdings have decreased.
“Robinhood’s BTC holdings have elevated by ~14% within the final 6 months; in the meantime person ETH holdings have truly decreased ~9%
Retail customers are starting to come back again to crypto, simply to not ETH to date.”
Grogan says that based mostly on his evaluation of Arkham’s knowledge, Robinhood’s BTC pockets is the third greatest in existence, simply behind crypto exchanges Binance and Bitfinex.
“All are estimates pulled along with Arkham’s tags in addition to a couple of of my very own
Robinhood’s chilly storage tackle is the third largest single BTC pockets, proudly owning .69% of all BTC ever made.”
In accordance with Grogan, Robinhood missed out on a 1,300% acquire by not holding Solana, as a substitute opting to keep away from SOL because of it being listed as an unregistered safety by the U.S. Securities and Change Fee (SEC).
Robinhood holds no Solana, as they pressure bought it on behalf of all their customers for $14, absolutely the backside, inflicting them to overlook out on the 1300% returns since pic.twitter.com/cfNY2cb82q
— Conor (@jconorgrogan) April 7, 2024
At time of writing, Bitcoin is buying and selling at $71,869.
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