Coinbase's cbETH Supply Dwindles by Over 50% Since June
CryptoNewsTerminal Staff09 Aug, 2024
Coinbase's cbETH Supply Dwindles by Over 50% Since June
Since June 12, there has been a significant sell-off of Coinbase's staked Ethereum token, cbETH. According to Dune Analytics, the supply has plummeted from 1.46 million to below 700,000, with the current supply sitting at 657,000. This represents a drop of over 50% in just a few months. This sell-off is likely due to a number of factors, including the recent decline in the price of Ethereum, the launch of Ethereum 2.0, and the upcoming Merge. The decline in the price of Ethereum has made cbETH less attractive to investors, while the launch of Ethereum 2.0 and the upcoming Merge have created uncertainty about the future of cbETH.
