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Coinbase, one of the largest cryptocurrency exchanges, reportedly sold 12,652 Ethereum (ETH) in the fourth quarter of 2024, according to Geoffrey Kendrick, head of digital assets research at Standard Chartered. This sale, worth around $25 million at today’s prices, has sparked discussions about whether Coinbase is selling $ETH for strategic gains or simply covering operational expenses. Coinbase’s Buying and Selling Pattern Kendrick analyzed Coinbase’s quarterly reports and found that the exchange holds ETH in different categories, including investment funds and operational reserves. He also noticed a clear pattern: Coinbase tends to buy ETH when prices are low and sell when they rise. For example, in the third quarter of 2024, when ETH was trading around $2,500, Coinbase was a net buyer. But in the fourth quarter, as $ETH climbed to $4,000, the exchange sold more than it bought. Kendrick believes this suggests Coinbase is focused on maximizing profits while managing risk, rather than simply accumulating ETH for the long term. Coinbase Responds to the Claims In response, Coinbase acknowledged selling some ETH but explained that the funds were used for operational costs rather than trading for profit. A company spokesperson said that Base, Coinbase’s Ethereum layer-2 blockchain, earns ETH through sequencer fees. While most of this ETH is kept as a long-term investment, some of it is used to cover expenses such as salaries, acquisitions, taxes, and grants. Coinbase also emphasized that it is not a trading-focused entity. The company pointed out that its ETH investment holdings grew by 20% in 2024, reinforcing its claim that it does not actively trade cryptocurrencies but may lend or stake them when necessary. Ongoing Scrutiny and Market Trends This is not the first time Coinbase has faced scrutiny over its ETH holdings. Just last month, a Base representative dismissed rumors about major ETH sales, stating that Coinbase had accumulated over $300 million in ETH—more than double its earnings from Base. Meanwhile, Ethereum’s price has rebounded, gaining over 7% and crossing the $2,000 mark. However, despite this price increase, the US Ethereum spot ETF market continues to experience outflows. According to data from Farside, Ethereum ETFs saw $11.7 million in outflows yesterday, extending a trend of investors pulling money out. Ethereum ETFs See Heavy Losses Several major Ethereum ETFs reported significant outflows: BlackRock’s ETHA lost $12.9 million Fidelity’s FETH saw $2 million in outflows Grayscale Mini ETH experienced a $7.7 million decline Despite Ethereum’s recent price recovery, the continued outflows from ETFs suggest that investor sentiment remains cautious. The bigger question is whether Coinbase’s ETH strategy will continue to raise concerns or if its growing long-term holdings will reassure the market.

The pause, while widely anticipated, came with a slightly revised outlook that includes a slower timeline for future rate cuts and a notable adjustment to the central bank’s balance sheet reduction pace. According to the Federal Open Market Committee (FOMC) statement, the Fed’s “Dot Plot” now indicates only two 25 basis-point rate cuts for this year—fewer than many market participants expected in December. Policymakers stressed that while interest rates remain in restrictive territory, the timing of actual cuts hinges on the path of economic indicators, particularly inflation and employment. However, the latest statement no longer asserts that inflation and employment are “in balance,” reflecting the Committee’s growing concern about economic uncertainty. But perhaps the most significant pivot was the Fed’s announcement that it will slow the reduction of its bond holdings, commonly known as “quantitative tightening” (QT). Beginning in April, the monthly runoff for government bonds will drop from $25 billion to $5 billion—a substantial downshift that many analysts consider a prelude to a more accommodative stance if economic or market conditions deteriorate. What This Means For Bitcoin Shortly after the Fed’s announcement, Bitcoin rallied roughly 4–5%, briefly surpassing the USD 86,000 level. Nik Bhatia—founder of The Bitcoin Layer and author of Bitcoin Age—took to his latest video update to dissect the decision’s implications. “Bitcoin up 4% on the news that the Fed slows QT and is still committed to cutting interest rates,” Bhatia said at the start of his analysis, noting that the market had been laser-focused on whether the central bank would modify its quantitative tightening approach. Bhatia explained how the reduction of the monthly runoff cap from $25 billion to $5 billion can loosen liquidity constraints in the overall system: “Now the Fed is also still contracting its balance sheet, but now it will do so by only five billion a month as opposed to 25 billion a month, and that is a material change,” he said. “This isn’t some, ‘Hey, we’re on the cusp of QE now just ‘cause we went from 25 to a five,’ but the first step is to get the balance sheet to stop shrinking … so that if the Fed needs to pivot, it can go quickly from 5 billion in QT a month to some modest expansion.” Bhatia underscored that such a move can fuel market risk appetite: “The market sees the Fed for what it is: it supports credit creation which expands balance sheets across the world, and that flow ends up in asset prices … some of those assets can be stocks, Bitcoin—[and] other financial assets.” Other experts are even more drastic in their assessment. BitMEX co-founder Arthur Hayes stated via X: “JAYPOW delivered, QT basically over Apr 1. The next thing we need to get bulled up for realz is either SLR exemption and or a restart of QE. Was BTC $77k the bottom, prob. But stonks prob have more pain left to fully convert Jay to team Trump so stay nimble and cashed up.” Jamie Coutts, Chief Crypto Analyst at Realvision, pretty much agrees: “After last night, QT is effectively dead (for some time). Treasury volatility has backed right off and is now mirroring the decline in DXY from earlier this month. This is all extremely liquidity-positive.” $BTC

Looking to invest in cryptocurrencies without spending a fortune? Several affordable digital assets are trading under $1, offering strong growth potential. Here are five top picks: 1. Cardano ($ADA ) ADA 0.7278 +0.44% Price (March 2025): $0.71 Overview: A secure, scalable blockchain for dApps and smart contracts, using an energy-efficient proof-of-stake system. Recent Developments: The Hydra upgrade increased transaction speeds and lowered fees. Cardano is also expanding its interoperability with other blockchains. Growth Potential: With institutional partnerships and constant upgrades, ADA is well-positioned for growth. 2. VeChain ($VET ) VET 0.02607 -0.15% Price (March 2025): $0.02 Overview: Blockchain for supply chain management, ensuring transparency and reducing fraud. Recent Developments: The VeChain Renaissance upgrade introduced dynamic gas fees and EVM compatibility. Growth Potential: As companies adopt blockchain logistics, VET’s value could rise. 3. TRON ($TRX ) TRX 0.2287-0.82% Price (March 2025): $0.21 Overview: A decentralized platform for dApps and content distribution with low fees and fast transactions. Recent Developments: TRON has expanded its DeFi ecosystem and integrated BitTorrent. Growth Potential: Growing demand for decentralized media could boost TRX’s value. 4. Polygon Price (March 2025): Under $1 Overview: A layer-2 Ethereum scaling solution for faster, cheaper transactions. Recent Developments: Polygon’s partnerships and role in DeFi are driving adoption. Growth Potential: As Ethereum grows, MATIC’s importance as a scaling solution will increase.

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