Coinbase Q4 revenue $1.78 billion, net loss $667 million, trading revenue down to $983 million. Most spot BTC ETF custodians hold 1.5 million BTC (7% of supply). Custody risk is operational, with no signs of failure. Monitor capital flows (outflow of $45.7 billion in November-December). #BitcoinETF

BTC1,57%
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