The American financial service company Robinhood has been quietly scaling its Bitcoin (BTC) holdings up in the past six months while offloading some Ether (ETH).
According to a report published by crypto.news, the broker turned out to be holding $9.5 billion worth of crypto and holds 0.69% of the total BTC supply. It is currently the third largest single Bitcoin cold storage wallet holder, next to Binance and Bitfinex.
Binance commands the market with $17.4 billion while Bitfinex comes next with $12.6 billion.
A tweet posted by Coinbase director Conor Grogan on X detailed Robinhood’s increased appetite for the crypto gold. Its Bitcoin holdings increased by 14% in the past six months, while its ETH holdings decreased by 9% over the same period.
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Bitcoin has seen a +60% increase in its price since the beginning of the year. In comparison, Ethereum lagged slightly behind with a +57% jump.
ETH is on the best-performing cryptocurrencies of the year, logging +8.14% in the latest charts. However, its current price of $3,698.11 is still down nearly 60% from the all-time high record of $4,867.17 hit in 2021. While Bitcoin already printed a new ATH in March 14, 2024 at $73,797.35.
This explains why investor attention remains largely concentrated with Bitcoin which started upon the approval of the first spot Bitcoin ETF products earlier this year – a novel development for the broader crypto industry.
The increased institutional acceptance for BTC is expected to bring the price to greater heights, targeting $100,000.00 by the end of the year.
