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The Third-Largest Coffee Chain in the U.S. Actually Sells Very Little Hot Coffee
By focusing on customizable cold energy drinks, Dutch Bros thinks it has the formula to attract younger customers. Source link
Robinhood Identified as Third-Largest BTC Wallet Owner
Robinhood Identified as Third-Largest BTC Wallet Owner
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Posted to Flickr by TechCrunch
The previously unidentified large BTC wallet that sparked widespread conjecture and analysis recently was identified last week. According to wallet data from Arkham Intelligence, investing and trading platform Robinhood holds over $3 billion in Bitcoin in this single BTC wallet, placing it behind only Binance and Bitfinex as one of the largest holders of Bitcoin.
Robinhood’s Hidden Treasure
The identification of the BTC wallet solves one of the more perplexing riddles that had captured the attention of market analysts and cryptocurrency enthusiasts. For several months, speculation was rampant about who could own such a large amount of Bitcoin. Robinhood has yet to make a public statement regarding these holdings.
Arkham Intelligence confirmed to CoinDesk that the cryptocurrency trading firm Jump Trading is the custodian of the wallet. The firm specializes in algorithmic and high-frequency trading strategies and has now been linked to Robinhood’s considerable Bitcoin holdings.
Interestingly, the revelation about Robinhood’s BTC wallet holdings comes amid a decline in cryptocurrency trading volumes on its platform. According to the company’s most recent earnings release, Robinhood reported a crypto trading revenue of just $31 million in the second quarter, marking an 18% decrease from the $38 million reported in the first quarter. The decline is also part of a broader 7% sequential drop in total trading revenue across all categories.
Past Speculations Put to Rest
The BTC wallet, now known to be owned by Robinhood, has been a focal point of discussion and speculation. Initially, it was believed that more prominent financial institutions or cryptocurrency exchanges could be behind this massive accumulation. The wallet’s Bitcoin value fluctuates in accordance with market conditions, most recently dropping from $3.51 billion to $3.08 billion.
Before this revelation, various theories had circled about potential owners of the BTC wallet. Names like BlackRock and Gemini were often mentioned as possible candidates. The substantial size of the wallet had led to it being viewed as a significant player in the Bitcoin market, even as its owner remained unknown.
This finding could have multiple ramifications for Robinhood, which has been transparent about its declining crypto trading volumes. Identifying such a large BTC wallet under its ownership could invite further scrutiny and questions about the company’s Bitcoin exposure.
While the trading platform has experienced a decline in crypto trading volumes, its considerable Bitcoin holdings in the BTC wallet show it still has a lot of skin in the crypto trading game. As the crypto market continues to evolve, the role and impact of large holders like Robinhood will be interesting to observe, even as the platform remains silent on this newfound revelation.
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Bitcoin News
XRP Hits $0.50, Passes Tether as Third-largest Cryptocurrency
XRP Hits $0.50, Passes Tether as Third-largest Cryptocurrency
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XRP, now the third-largest cryptocurrency after Ethereum and Bitcoin, has hit $0.50 for the first time since 2018. At the time of writing, the price is around $0.57, and the market cap is above $25 billion.
Tether had overtaken it for the third place spot earlier this year, but a recent explosion has given the edge to XRP.
It’s shot up 22% in the past 24 hours, and 100% in the past week.
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Tether Unseats XRP As Third-Largest Crypto, Dwarfing Its Volume 25:1
Tether Unseats XRP As Third-Largest Crypto, Dwarfing Its Volume 25:1
Tether (USDT) has overtaken XRP to become the third largest cryptocurrency by market capitalization, as Ripple fails to gain adoption amongst retail investors.
Top 10 Cryptocurrencies by Market Capitalization. Source: CoinMarketCap
As for Ripple (XRP), it’s been a race to the bottom, its market cap has collapsed from a high around $130 billion in January 2018 to the current one under $9…
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