Robinhood Is The fifth Largest Ethereum (ETH) Pockets, Strategic Stashing?

A digital pockets related to Robinhood, the United States-based portal permitting customers to commerce a number of devices, together with crypto with out fee, is the fifth largest holder of Ethereum (ETH). In line with Arkham Intelligence, an on-chain analytics platform, Robinhood controls 1.72 million ETH, price $2.93 billion at present costs as of August 30.

It couldn’t be instantly ascertained whether or not Robinhood immediately owned these cash or if it custody them on behalf of purchasers. The buying and selling and investing platform has not come out to make clear the standing of their cash, together with Bitcoin and Shiba Inu (SHIB), which type a giant chunk of their portfolio.

Nonetheless, based mostly on on-chain information, what’s evident is that the Robinhood pockets cumulatively holds billions price of cash.

Robinhood Holds Billions of Property

As an instance, Robinhood controls over $6.6 billion of crypto belongings, of which over half comprise Bitcoin and Ethereum. Presently, they management $3.Three billion of BTC and, as aforementioned, $2.93 billion of ETH. There are additionally different cash of their possessions, together with SHIB, price $227 million; Chainlink (LINK), valued at $30 million; and Avalanche (AVAX), price $29 million. 

In complete, the platform holds over 30 digital belongings, together with stablecoins. What’s notable is that Robinhood is mild on USDT. The tracker exhibits that Robinhood solely controls $1,720 of USDT however over $5.1 million of its main competitor, USDC. 

There isn’t a obvious motive for this clear skew in stablecoin desire for USDC over USDT.

USDT enjoys the first-mover benefit and stays the world’s most liquid stablecoin and the third-largest digital asset, forward of USDC.

Over $49 Billion Value Of Ethereum Locked In The Beacon Chain

With over $2.93 billion of ETH, Robinhood trails different platforms, together with Kraken and Binance. Amongst centralized exchanges, Binance is the most important holder of ETH, of which a giant chunk belongs to purchasers.

Binance controls a number of chilly wallets that cumulatively maintain billions of cash. Chilly wallets aren’t related to the web and are sometimes thought-about safer.

Past exchanges, the one largest pockets controlling ETH is the official deposit contract on the Beacon Chain, which holds 6% of all cash in circulation. Completely different validators, tasked with approving transactions on the proof-of-stake Ethereum blockchain, have locked over 29.1 million ETH price over $49 billion. 

Function picture from Patrick Sison/AP, chart from TradingView