According to CryptoQuant data, cryptocurrency users transfer the Bitcoins they hold in Binance to the US crypto exchange Coinbase.
The research firm wrote that Coinbase’s reserves have increased by approximately 12,000 BTC since yesterday, while Binance’s reserves have decreased by 5,000 BTC.
Bradley Park, Web 3 analyst at CryptoQuant. “The decline in Bitcoin reserves on Binance appears to be due to retail outflows” said.
“The market is still nervous about the recent legal actions against Binance,” said Greta Yuan, head of research at Hong Kong-based digital asset platform VDX. “In the short term, we will see more users moving their funds to legally compliant or licensed exchanges for peace of mind.”
Greta Yuan, Founded in 2012 “Coinbase has not stood the test of time” he emphasized.
Some analysts think that the settlement reached by Binance could be positive for the cryptocurrency industry. According to the Matrixport team, crypto companies, after this decision to traditional financial firms will act in a similar way, and this Could lead to approval of spot Bitcoin ETF.
The article titled “Investors Who Want to “Easy Their Minds” Withdraw Their Bitcoins from Binance was prepared by Selim Kuşçu and published on koinbulteni.com.