Ethereum Staked on Coinbase Sees Massive Redemptions, Over 27,000 Tokens Redeemed on June 6

Recent statistic uncover that a important magnitude of ethereum staked connected Coinbase has been redeemed, with 27,280 tokens being redeemed connected June 6. This improvement comes successful the aftermath of the U.S. Securities and Exchange Commission (SEC) filing a suit against Coinbase for not registering its staking-as-a-service program.

Redemptions Soar connected Coinbase Amidst SEC Lawsuit Fallout

June 6, 2023, marked a pivotal infinitesimal for Coinbase arsenic the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the San Francisco-based exchange. One of the SEC’s complaints alleges that Coinbase neglected to registry its staking-as-a-service platform. In the aftermath of this ineligible action, Dune Analytics has recorded tens of thousands of redemptions for Coinbase’s CBETH, the exchange’s staked ether product.

On that day, a staggering 27,280 CBETH was redeemed, followed by astir 9,000 CBETH the adjacent day, according to caller statistics. As of today, June 8, implicit 3,400 CBETH has already been redeemed. It’s worthy noting that Coinbase, the second-largest liquid staking work supplier successful presumption of ETH held, has locked up 1,106,424 ether.

Coinbase’s stash of ether is presently valued astatine $2.12 billion, based connected existent speech rates. Out of the 20 liquid staking providers, Coinbase’s CBETH accounts for a important 11.46% of the 9,650,762 ETH locked into these decentralized concern (defi) protocols. Although Coinbase’s marketplace stock is substantial, it pales successful examination to the size of Lido Finance’s ether stash.

At the moment, Lido’s protocol reigns supreme, holding an awesome 7,155,072 ETH, which translates to a whopping 74.14% of the marketplace share. Meanwhile, Coinbase’s CBETH has experienced a 3.56% driblet implicit the past 30 days and a 2.28% alteration implicit the past 7 days.

If CBETH continues to spot a surge successful redemptions, there’s a accidental that Rocket Pool could overtake Coinbase arsenic the second-largest marketplace stock holder. As it stands, Rocket Pool presently holds 761,641 ether, which is 344,783 ether little than Coinbase’s existent count.

What are your thoughts connected Coinbase’s ineligible conflict with the SEC and the surge of redemptions successful staked ethereum? Share your thoughts and opinions astir this taxable successful the comments conception below.