A significant portion of U.S. spot Bitcoin ETF assets is currently held in custody by Coinbase, with total exposure estimated above $70 billion.
This reflects strong institutional reliance on a single platform, which improves efficiency but also introduces concentration risk. When a large share of assets depends on one custodian, any operational or regulatory issue could have wider market implications.
The key takeaway is that as institutional adoption grows, the focus is shifting beyond price toward the strength and resilience of underlying infrastructure.
