According to Glassnode data shared by crypto analyst Will Clemente, Binance has surpassed Coinbase for the most. to bitcoin owner cryptocurrency became the stock market.
A recent Glassnode Insights report stated that Coinbase has experienced a total net Bitcoin outflow of over 450,000 BTC over the past two years.
The report states that the Coinbase BTC balance has decreased in consistent steps of 10,000 to 30,000 BTC, and this reduction is due to transfers to new wallets unrelated to Coinbase. In the report he shared, Glassnode thinks that such high BTC outflows may be a sign that the company offers BTC warehouse services for institutional investors.
The Amount of Bitcoin Held by the Cryptocurrency Exchange Binance Outpaced Coinbase
On the other hand, Binance’s net balance increased by around 300,000 BTC during the same period. As a result, as Will Clemente emphasized, Binance has surpassed Coinbase as the exchange with the largest supply of BTC.
The flippening: Binance has surpassed Coinbase for having the most BTC of any exchange pic.twitter.com/oNt4boKdBL
— Will Clemente (@WClementeIII) July 18, 2022
In its weekly chain bulletin, Glassnode noted that there are many indications that a deep and sweeping capitulation is taking place as Bitcoin prices have been trading below the realized price for more than a month.
According to Glassnode, many signals may indicate that a true bottom is forming for BTC.
Coinbase reported in a blog post it shared today that it had obtained a license from the Italian authorities to work in the country.
However, due to the recent decline in the cryptocurrency market, many crypto asset companies are having a hard time. In this context, Coinbase laid off some of its employees and even shelved many affiliate agreements.
*Not investment advice.