"Binance's Bitcoin Holdings Threaten Coinbase"

JOON HYOUNG LEE

Summary

A CryptoOnchain contributor stated that Binance's Bitcoin holdings have come close to Coinbase's level.
CryptoOnchain reported that there was a rapid increase in Coinbase's holdings in a short period due to a capital inflow.
The changes in Bitcoin holdings for Coinbase and Binance have been pointed out as key indicators of shifts in capital flow among institutional investors and within the cryptocurrency ecosystem.

The amount of Bitcoin (BTC) held by Binance, the world's largest cryptocurrency exchange, has approached the level of Coinbase's Bitcoin holdings.

A CryptoOnchain contributor for CryptoQuant stated through CryptoQuant on the 21st, "As of the 3rd of this month, Binance's Bitcoin holdings were recorded at 563,600," adding, "This is at almost the same level as Coinbase's holdings of 565,800 on the same day." CryptoOnchain explained, "Just two days later, on the 5th, there was a significant capital inflow into Coinbase, causing its holdings to surge from about 565,000 to 714,500."

CryptoOnchain commented, "This incident reveals a new reality in the market." CryptoOnchain outlined, "Coinbase has maintained the top position in Bitcoin holdings for the past several years," but added, "Over the past two years, this landscape has dramatically changed." It continued, "The long-term trend, in which Coinbase's decline crosses with Binance's growth, suggests that the preferences of users, traders, and even institutional investors may shift," adding, "Such changes will be key indicators of capital flows and trust within the cryptocurrency ecosystem going forward."

BTC