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Coinbase reserves have increased by approximately 12,000 BTC, while Binance’s reserves have decreased by 5,000 BTC according to xCryptoQuant analyst.
As a reminder, Binance and its CEO, CZ, accepted charges of money laundering prevention and violation of US sanctions by making an agreement with the US government. Under this agreement, Binance signed one of the largest corporate deals in history by accepting a payment of $4.3 billion. CZ resigned from the CEO position of Binance by paying a monetary penalty of $50 million.
A transfer from Binance to Coinbase Reserves
After these developments, there was unease among investors and an outflow of about $1 billion was observed from Binance. CryptoQuant analyst claimed that Bitcoin was transferred from Binance to Coinbase during these outflows.
According to the analyst, the reduction in Bitcoin reserves on Binance seems to be due to retail sales. The analyst made the following statement:
“We observed a flow between Binance and Coinbase Pro. While Coinbase reserves have increased by approximately 12,000 BTC since the agreement, Binance’s reserves have decreased by 5,000 BTC. It is expected that the Bitcoin ETF Spot will be approved soon and this, to get one of the leading players in the sector, Binance, out of this game is quite important for future newcomers.”
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According to the analyst, Coinbase stands out with its high volume largely composed of institutional investors and is in the leading position in the US in terms of regulation and lobbying. The trends of institutional investors constitute a large part of the money entering or leaving the sector. Therefore, BTC transfers from Binance to Coinbase may be associated with expectations of spot Bitcoin ETFs being approved.
However, despite the BTC transfer from Binance to Coinbase, Binance Spot’s volume in the last 24 hours is at a level approximately 6 times higher than Coinbase, and Binance maintains its leading position in the global crypto market.
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