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According to onchain data, Coinbase’s Wrapped Bitcoin (cbBTC) has increased by 6,887% in large transaction volume in the last 24 hours.
This metric shows that whale activity involving Coinbase's Wrapped Bitcoin token has skyrocketed as often indicated by a spike in large transaction volume.
According to IntoTheBlock data, large transaction volume for Coinbase Wrapped BTC, CbBTC, increased by 6887% to $14.42 billion. The jump likely fueled by large movements by whales or large holders given the functionality of Coinbase’s cbBTC token.
The Coinbase cbBTC token allows holders to send or receive wrapped versions of Bitcoin to wallet addresses on supported blockchains in this case Base, Ethereum, Solana, Arbitrum, enabling them to transact while maintaining a single, unified balance in their Coinbase accounts. Each wrapped asset is backed 1:1 by its original cryptocurrency. Coinbase Wrapped Bitcoin (cbBTC) represents Bitcoin (BTC) on Base, Ethereum, Solana and Arbitrum.
Bitcoin Institutional demand booms
The surge in Coinbase's wrapped Bitcoin large transaction volume comes as Bitcoin's gain slows, with momentum moderating across spot, futures, options, and ETF markets.
Bitcoin, the world's largest cryptocurrency by market value, is however seeing an increase in demand from institutional investors, as pension funds and other long-term buyers add it to their portfolios.
The crypto sector is anticipating an executive order that will enable private equity, real estate, cryptocurrency, and other alternative assets in 401(k)s, a significant triumph for companies hoping to get into the approximately $12.5 trillion held in those retirement plans.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team