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 worth of Bitcoin. It is the largest BTC holder with over 4.3% of the supply,” Arkham Intelligence wrote in a tweet.
In light of the recent announcement about “cbBTC,” Arkham Intelligence poses an interesting question regarding Coinbase’s significant Bitcoin reserves: “How much of this will be funneled into decentralized finance (DeFi)?”
Coinbase recently posted a tweet about “cbBTC.” In the X thread, Coinbase teased the upcoming launch of cbBTC, which is expected to play a crucial role in the DeFi space on the Base network, Coinbase’s layer-2 blockchain.
cbBTC is anticipated to build a massive Bitcoin economic system on the Base network and would be a competitor to .
Bitcoin reacts to CPI data
Today, the US announced that the seasonally adjusted monthly core CPI rate in July was 0.2%, compared to 0.2% projected and 0.1% previously.
In July, the annual rate of the unadjusted CPI in the United States was 2.9%, compared with 3.0% expected and 3.0% in the previous month. The annual rate of the unadjusted core CPI in the United States was 3.2%, which is the fourth consecutive month of decline and the lowest level since April 2021.
According to CME, the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 56.5%, while the probability of cutting them by 50 basis points is 43.5%.
Matt Hougan, CIO of Bitwise, summarizes two takeaways from the recent CPI release: “There are two takeaways from the CPI that matter: 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 had an unexpected reaction to the CPI data, dipping below $59,000 at one point during Tuesday’s trading session. At the time of writing, BTC was down 0.43% over the past 24 hours at $59,283, having previously hit intraday highs of $61,827.
This article was originally published on U.Today
