The latest Bitcoin news show us that the Coinbase wallet nears 1 million in BTC and will soon hit this record number in its cold wallets. This would obviously be a controversial first for the industry. And as data from the news and information resource Longhash released on January 23 reads, Coinbase’s cold wallets contained 970,000 BTC ($8 billion) as of January 1st.
If this current growth sustains, the company will officially reach the 1,000,000 BTC mark by February this year. In that scenario, Coinbase would lead the way and position itself as one of the most dominant exchanges out there. The trend also underscores a major growing tendency to interact with Bitcoin via exchanges, with the Coinbase figures now including both private and institutional investors.
Now, despite all of the hacks in the Coinbase news and the other dangers of trusting third parties with their crypto wealth, it appears like consumers still prefer not to control their coins themselves.
“More individuals and institutions need to learn how to self custody,” the Tales from the Crypt Podcast host Marty Bent said in a recent episode.
Meanwhile, as the Coinbase wallet nears 1 million users, the exchange is by far the one with the largest BTC holdings. However, the majority of the major trading platforms are seeing their balances increase now.
Now, there is a dedicated effort to inspire Bitcoin holders to remove their coins from exchanges and place them in wallets to which they control the private keys. On top of all this, a recent analysis from Proof of Keys on exchange wallets shows that the most recent event on January 3 did not spark mass withdrawals.
“Coinbase’s apparent dominance and steady growth may be because it attracts a large share of long-term/institutional investors, who are less concerned with short term price swings,” one expert said.
A couple of days ago, Coinbase officially rolled out support for Cosmos (ATOM) which was a move that many praised in the altcoin news. As the Coinbase wallet nears 1 million BTC, it is important to stimulate other altcoins and expand on the support.
Before this, news emerged showing that Coinbase Pro is available on Android devices in a move that went to embrace the importance of mobile nowadays.
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