Binance now surpasses Coinbase in key Bitcoin metrics, what does that mean
After receiving a downgraded rating from Goldman Sachs last month, Coinbase continues to be in the news for the wrong reasons. The existing market conditions have had a huge negative impact on those such as Coinbase, which also announced job cuts. More recently, it was reported that the top exchange has closed down its associated marketing program in the United States.
Coinbase No More Bitcoin Leaders?
In a recent, data from Glassnode indicates that Coinbase recently lost its pole position as the largest exchange with Bitcoin holdings. According to data shared by Will Clemente, a cryptanalyst, there was a drop in the Bitcoin holdings with Coinbase. On the other hand, there was one increase in BTC storage with Binanceanother top crypto exchange.
According to the graph shown by Clemente, a flip in Bitcoin holdings occurred around the 600K BTC mark. He tweeted,
“The twist: Binance has surpassed Coinbase to have the most BTC of any stock exchange.”
Exchange Fund Data, The Reality
However, it is not clear whether this data includes all the unmarked addresses of both crypto exchanges. Nick de Bontin, an employee of Coinbase, rejected the findings of the Glassnode data. He said data sharing is an irrelevant calculation Consider that exchanges store assets in various other modes. A large majority of the exchange funds are in cold stores and unmarked addresses, he added.
Recently, several people in the crypto community have talked about the stability of Coinbase. Last week, crypto influencer Ben Armstrong indicated that Coinbase’s history does not bode well. Recent history suggests that the crypto exchange may be facing insolvency, he said. In recent times, however, the exchange has not been protective of its current status. Coinbase reported that the results for the first quarter are directly affected by the existing market volatility. The company reported a loss of $ 430 million in the first quarter.
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.
