Five consecutive quarters without disclosing staking information, what does top ETH custodian Coinbase want to do?
原文作者:hildobby,Dragonfly 成员
原文编译:ChatGPT
编者按:Coinbase 作为最大质押 ETH 托管方,管理约 21% 的质押 ETH,但连续五个季度未公开质押 ETH 信息。数据显示其质押比例从 15% 下降,可能与地址轮换有关。尽管 Coinbase 强调透明度,却未公开质押 ETH 数量及 cbETH 支持情况。超过 75% 的 cbETH 流通供应量未被使用,提醒投资者应关注底层质押 ETH 而非 LST 流通量。Coinbase 选择通过未使用供应量膨胀 cbETH,而非透明化操作。
以下为原文内容(为便于阅读理解,原内容有所整编):
这是第五个季度,最大的质押 ETH 托管方 Coinbase 拒绝分享任何关于他们质押 ETH 的信息。
下图估算显示他们管理着约 21% 的所有质押 ETH。

X 用户@adcv_估计过去几个季度质押 ETH 的恒定比例约为 15%,最近增加了 6%,并作出分析这可能与 Coinbase Custody 有关。

我的质押仪表板显示 Coinbase 占 8.4%,因为只有标记的地址被标注,其余的都是「未识别」。

由于过去几个月的定期调查,我目前有 227k 个地址被标记为 Coinbase 质押存款。
但 Coinbase 定期轮换地址并更改其托管结构,这使得跟踪他们的质押操作变得更加困难

在这里,你可以看到我的数据从 2024 年的 15% 稳步下降,我将其归因于一些地址轮换。

我将继续标记新地址,一旦找到并收集到足够的证据,这里是一个 2023 年调查工作的例子。

Coinbase 与 ETH 如此紧密地对齐,以至于他们控制了其安全层的 21%,但拒绝披露。
Coinbase 一直强调透明度,但从未分享过任何关于他们质押 ETH 数量、cbETH 支持或 cbBTC 支持的信息。
Brian Armstrong 还曾发文表示:「想象一下,如果每一项政府支出都是在链上透明进行的。审计将变得容易得多。」

据透露,超过 75% 的 cbETH 流通供应量实际上并未被使用。这一发现提醒我们,应当关注底层质押的 ETH,而非仅仅关注 LST(流动性质押代币)的流通供应量。如果我们能够追踪到支撑 cbETH 的质押 ETH,cbETH 可能会更加成功,但他们没有选择透明化,而是通过未使用的供应量来膨胀 cbETH 的数量。

「原文链接」
You may also like

Meet the new WEEX trial fund—your gateway to greater profits

WEEX Labs Lands at Dutch Blockchain Week: A Disruptive Crypto × AI Conversation Sets Sail in Amsterdam

SK Hynix Reportedly Plans U.S. ADR Listing as Early as August, With SEC Approval Possible in Late June
SK Hynix may pursue a U.S. ADR listing as early as August, with SEC approval reportedly possible in late June amid strong AI chip supply chain demand.

SpaceX vs Tesla vs xAI: Which Elon Musk Trade Has the Biggest Upside in 2026?

OpenAI Reveals It Has Confidentially Submitted an S-1 to the SEC, Keeping the Door Open for a Future IPO
On June 9, according to an OpenAI announcement, the company recently confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), beginning the preliminary compliance process for a potential initial public offering. OpenAI said it chose to disclose this proactively because it expected the news might leak; however, the company has not yet set a specific listing timeline, and related arrangements may still take some time.

Latest research from 13 top universities including Cornell University: The current state, challenges, and misconceptions of the fusion of Crypto and AI

Deconstructing Anthropic: The Best AI Company, Possibly Also a Type of Organizational Invention

Apollo and Blackstone Reportedly Back $35 Billion Anthropic Chip Financing as Deal Details Remain Unclear
On June 9, according to currently available news alerts, Apollo and Blackstone Group participated in a $35 billion financing for an Anthropic “chip project.” Based on the original wording of the report, the funding has already been raised, but public information remains limited. The financing structure, use of proceeds, project entity, and whether Apollo and Blackstone participated through equity, debt, or project financing have not yet been disclosed.

Humanity Protocol Security Incident Escalates: More Than $31 Million Stolen From Related Addresses as Attacker Continues Selling H for ETH
On June 9, according to monitoring by Onchain Lens, more than $31 million has been stolen from addresses linked to Humanity Protocol, and the attack is still ongoing, with the hacker continuously swapping H tokens for ETH. Project founder Terence Kwok later confirmed the security incident on X, saying the issue involved a private key leak.

Bloomberg: As Bitcoin Weakens, Stablecoins and RWA Continue to Drive Expansion in Crypto Businesses
In June, Bloomberg reported that despite Bitcoin falling below $60,000 last week, wiping out about $235 billion in market value within seven days, and dropping close to 50% from last year’s peak, some core businesses in the crypto industry are still expanding, mainly in stablecoins, real-world asset tokenization (RWA), payments, and infrastructure. The report also noted that overall altcoin activity has contracted significantly: altcoin market capitalization has fallen from a peak of about $431 billion in November 2021 to around $170 billion, and among the tens of millions of tokens issued in recent years, fewer than 1,700 still maintain meaningful trading activity.

Galaxy Deep Research Report: How Hyperliquid's HIP-4 Upgrade Changes the Landscape of Prediction Markets?

Binance Research: RWA Market Expected to Expand Nearly 6x from Early 2025, with Public Equities and Onchain Payments Heating Up Together
In June, Binance Research said in its monthly market report that the real-world asset (RWA) market is expected to grow by about 589% from the beginning of 2025. Bond- and money market fund-related RWA expanded by about $6.5 billion, up 83% year over year, while publicly traded equity RWAs grew by about 422%. The report also noted that monthly crypto debit card transaction volume exceeded $747 million in May, up 48.6% year to date.

Japan to Assess a Framework for Yen Stablecoins and Crypto ETFs as Asia’s Compliant Payments Narrative Heats Up
Recently, according to the original report, Japan is considering the launch of yen stablecoins and cryptocurrency ETFs. Public information remains limited at this stage, and there is still no complete policy text, regulatory draft, or clear implementation timeline, so this is better characterized as a “policy discussion” rather than formal implementation. The original wording also noted that advancing stablecoin regulation in Asia is driving XRP usage and supporting growth in the XRPL ecosystem. However, based on currently available public information, there is not enough evidence to directly establish a clear causal relationship between this round of discussion in Japan and XRP or XRPL.

ZachXBT: Humanity private key leak and abnormal surge in H token should be viewed separately
On June 9, according to related disclosures, on-chain investigator ZachXBT posted an update on Humanity’s roughly $31 million security incident, saying that after further analyzing fund flows, he currently tends to believe the project team was not involved in an “inside job” or a self-staged attack. According to him, the official explanation about the private key leak was broadly accurate, but before the token unlock, the price of H had been artificially pushed higher, and the hacker later took advantage of that market environment; therefore, the private key leak and the earlier abnormal price pumping should be regarded as two separate and independent events. This reframing has shifted the market’s understanding of the nature of the incident. Earlier discussion around Humanity had focused on whether the team directly participated in the attack or used the security incident to cover up internal operations. ZachXBT’s latest remarks shift the focus from “whether it was self-theft” to “whether there were pre-unlock market structure issues.” He also questioned whether the team may have.

Morning Report | OpenAI has submitted an S-1 registration statement draft to the U.S. SEC; Morpho completes $175 million financing

Morning Report | BitMine increased its holdings by 126,971 ETH last week; trader Eugene announced his exit from the crypto market

Wang Chuan: How can one not feel anxious after the neighbor Old Wang made thirty times profit by investing in storage stocks? (Seven) - A quarter-century cycle

Cryptocurrency CEXs are flocking to sell US stocks, and traditional brokerages are facing an "uninvited guest."
Meet the new WEEX trial fund—your gateway to greater profits
WEEX Labs Lands at Dutch Blockchain Week: A Disruptive Crypto × AI Conversation Sets Sail in Amsterdam
SK Hynix Reportedly Plans U.S. ADR Listing as Early as August, With SEC Approval Possible in Late June
SK Hynix may pursue a U.S. ADR listing as early as August, with SEC approval reportedly possible in late June amid strong AI chip supply chain demand.
SpaceX vs Tesla vs xAI: Which Elon Musk Trade Has the Biggest Upside in 2026?
OpenAI Reveals It Has Confidentially Submitted an S-1 to the SEC, Keeping the Door Open for a Future IPO
On June 9, according to an OpenAI announcement, the company recently confidentially submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), beginning the preliminary compliance process for a potential initial public offering. OpenAI said it chose to disclose this proactively because it expected the news might leak; however, the company has not yet set a specific listing timeline, and related arrangements may still take some time.
