Binance beats Coinbase in terms of BTC held…Details here
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Answer Binance beats Coinbase in terms of BTC held…Details here
According to Glassnode data, Binance has overtaken Coinbase, making Binance the largest cryptocurrency exchange in terms of the number of bitcoins held.
A recent Glassnode Insights report indicated that Coinbase has seen net inflows of bitcoin over the past two years, totaling more than 450,000 bitcoins.
The report showed that Coinbase’s bitcoin balance dropped at significant rates and volumes from 10,000 BTC to 30,000 BTC.
It was also stated in the report that the decline was due to the transfer of these currencies to new wallets that are not related to the Coinbase entity.
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Given the volume of bitcoin exiting Coinbase, Glassnode offers an explanation that bitcoin exit could be institutional.
On the other hand, during the same period, Binance’s net worth increased by about 300,000 BTC.
As a result, Binance has flipped and has now overtaken Coinbase, as the largest trading platform with the largest supply of bitcoin, explained analyst Will Clemente.
In its weekly newsletter, Glassnode noted that there are many indications of a deep and complete capitulation as Bitcoin prices have now been trading below the real price for more than a month.
Therefore, many signs indicate that Bitcoin has already made a real bottom.
At press time, Bitcoin is trading 2.8% higher at $21,887.
Recently, Coinbase managed to gain regulatory approval in Italy according to a blog post published on Monday, as US crypto exchange Coinbase received authorization from Italian regulators to continue serving Italian consumers.
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Cryptocurrency trading volume in June fell to its lowest level since 2020
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