Binance Overtakes Coinbase To Become The Exchange Holding The Most BTC
A recent report by Glassnode Insights notes that Coinbase has seen a net outflow of Bitcoin over the past two years, totaling over 450,000 BTC.
The report states that Coinbase’s BTC balance has consistently decreased from 10,000 to 30,000 BTC and adds that this drop is due to the transfer of these coins to new wallets unrelated to Coinbase.
On the other hand, over the same period, Binance’s net balance has increased by about 300,000 BTC. As a result, Binance has toppled Coinbase to become the exchange with the largest supply of Bitcoin, as highlighted by Will Clemente.
In its weekly online newsletter, Glassnode noted many signs that a deep and full-blown sell-off has occurred as the Bitcoin price has now been trading below the Realized Price for more than a month. Therefore, many signals suggest that a bottom formation may occur.
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