Recent data has revealed that Robinhood, the public fintech broker, now holds the title of the third-largest single Bitcoin wallet, boasting a significant holding of over $9.5 billion worth of the cryptocurrency. This revelation positions Robinhood’s cold storage address behind only Bitfinex and Binance in terms of Bitcoin holdings.
The information, shared by Coinbase director Conor Grogan in an X post, cited data from Arkham Intelligence to highlight Robinhood’s substantial Bitcoin reserves. It’s reported that Robinhood controls approximately 0.69% of Bitcoin’s total supply, a remarkable feat that underscores the company’s significant presence in the crypto market. Over the past six months, Robinhood has seen its Bitcoin holdings increase by approximately 14%, further solidifying its position in the market.
Interestingly, while Robinhood has seen a notable increase in Bitcoin holdings, there has been a decrease in Ethereum (ETH) holdings among its users. Grogan pointed out that over the same six-month period, Robinhood’s reserves of ETH declined by 9%, indicating a shifting trend among retail investors towards Bitcoin over Ethereum.
The rise in Bitcoin’s value since the beginning of 2024 has likely contributed to Robinhood’s increased holdings. With Bitcoin experiencing a surge of over 70% and reaching a new all-time high of $73,750 in March, it has outperformed Ethereum, which has seen more modest returns of 58% during the same period. This discrepancy in performance could be driving retail investors towards Bitcoin, especially considering the positive regulatory developments surrounding the cryptocurrency.
In February, Bitcoin received a boost from the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission, signaling growing institutional acceptance. Moreover, with Bitcoin set to undergo its fourth halving in the coming weeks, investors are anticipating further positive price movements, further solidifying its status as a leading cryptocurrency.
Robinhood’s significant Bitcoin holdings underscore the platform’s growing influence in the crypto market and highlight the shifting preferences among retail investors towards Bitcoin over other cryptocurrencies like Ethereum.
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