Pre Open US - Bitcoin 28 Aug 2023

The trading platform Robinhood (HOOD) now holds more than $3 billion worth of Bitcoin (BTCUSD) in a single wallet, revealed data from Arkham Intelligence. This accumulation, spanning several months, makes it the third-largest Bitcoin holder globally, trailing behind Binance and Bitfinex. The wallet's owners have prompted speculation, including theories about BlackRock's involvement or Gemini moving user holdings. While Robinhood hasn't commented publicly, it transferred 118,300 Bitcoins to this wallet over three months, managed by Jump Trading. Despite low crypto trading volumes, this sizable Bitcoin exposure showcases Robinhood's stake in the market.

Arkham Intelligence data shows Robinhood's (HOOD) single wallet holds over $3B in Bitcoin (BTCUSD), making it the world's third-largest holder after Binance and Bitfinex. The wallet's owners, potentially BlackRock or Gemini, remain speculative. Robinhood transferred 118,300 Bitcoin over 3 months to this wallet managed by Jump Trading, highlighting its market stake.

Technically, BTC is finding support at the $26,000 level while awaiting further direction. The next support is anticipated around $25,000. This level has served as a robust support and resistance point in the past four instances.