Robinhood Moves 15,000 Bitcoin – Trustnodes

The stock and crypto investing app Robinhood has taken top 4 position in bitcoin holdings with 117,000 BTC, worth $2.6 billion.

They suddenly moved about 15,000 of it to a mislabeled Coinbase wallet, leading some to speculate about a whale, but it is actually the Robinhood hot wallet.

First of all the 1P5 address has been attributed to Robinhood based on some public blockchain analytics regarding a mysterious Dogecoin address that at one point held $22 billion worth of doge.

Looking at similar patterns of receiving first transaction on the 6th of February 2019, as well as most transactions being for their withdrawal limit of $2,999, Robinhood’s other addresses, including for eth, have been found.

Interestingly deposits to Robinhood have kept level during the bear as can be seen above, though they’re slightly down from the peak of 2 million eth.

They currently hold 1.7 million eth, worth $2.7 billion, suggesting at least on Robinhood investors like eth a bit more than bitcoin.

They moved 100,000 eth as well earlier today, at almost exactly the same time as their bitcoin movement, suggesting Robinhood is setting up some sort of a new system.

It may well be their non-custodian wallet announced in May, with 10,000 bitcoin moving and staying to a brand new address, while 5,000 are still in their hot wallet.