Cardano Reserves On Coinbase Explode 462% Amid Reports Of XRP Reserve Depletion

The Cardano reserves on Coinbase have surged 462% since the exchange launched wrapped ADA on ￰0￱ follows earlier reports that the XRP supply on the crypto exchange has fallen drastically, indicating significant investor ￰1￱ Reserves on Coinbase Rise 462% Since Launch Coinbase’s proof of reserves shows that there is a total supply of 9.56 million ADA for its reserve, which is used to back the wrapped ADA on the Base ￰2￱ is currently a total supply of 9.53 million cbADA on the Base ￰3￱ represents a 462% increase from when the crypto exchange launched the wrapped token with a supply of 1.7 million in ￰4￱ highlights the significant demand for Cardano as investors use the wrapped token for DeFi activities on the Ethereum network.

A community member, Mintern, with ties to the Cardano DEX Minswap, also noted how the ADA reserves on Coinbase have more than doubled in just the last month, indicating a sustained ￰5￱ also questioned if this meant that institutional confidence was about to explode. Notably, this comes ahead of the potential launch of the Grayscale Cardano ETF , which is expected to increase the demand for ADA as institutional investors look to gain ￰6￱ launch of this fund could happen this month, considering that the final deadline under the 19b-4 standard was this month. Meanwhile, Hashdex has also included Cardano in its crypto index fund , a move that could also spark increased demand for ￰7￱ Cardano reserves on Coinbase could further increase in the coming months, considering that the exchange’s custody arm is the custodian for Grayscale’s ADA ￰8￱ reserve will include ADA tokens held on behalf of the ￰9￱ Supply On Coinbase Drops The increase in Cardano reserves on Coinbase coincides with a drop in the XRP supply on ￰10￱ expert Del had revealed that over the last 90 days, the supply of XRP on Coinbase fell from 970 million to 99 ￰11￱ on this, he declared that market participants are not ready for what comes ￰12￱ also comes just ahead of the launch of the XRP ETFs , which could boost the altcoin’s ￰13￱ current demand for ADA and XRP highlights the possible rotation from BTC and ETH to altcoins that are set to have their own spot crypto ￰14￱ reported how institutions dumped BTC and ETH last week while XRP and SOL witnessed significant inflows from these ￰15￱ launch of these ETFs is expected to serve as a catalyst for higher prices for these ￰16￱ the time of writing, the Cardano price is trading at around $0.85, up in the last 24 hours, according to data from CoinMarketCap.