$PEPE $DOGE $BNB Arkham took a deep dive into CoinShares’ Bitcoin ETP: 98 associated addresses, only 2 holding BTC, and the other 96 with zero balances. In total, they hold 20,652 BTC, worth about $1.53 billion. One address alone holds 15,359.46 BTC, worth about $1.13 billion—or 75% of the total. The other address holds 5,292.54 BTC. In other words, this ETP’s reserves depend almost entirely on one large wallet. The upside is that everything is transparent on-chain, so anyone can see large transfers. The company also says it won’t lend out the BTC and supports in-kind redemptions. But with concentration this high, it’s definitely worth keeping a close eye on. Transparency in institutional products is a good thing, but let’s not pretend the risks aren’t there.#比特币 #CoinShares