Glassnode data shows that Binance’s Bitcoin portfolio surpasses Coinbase
Popular cryptanalyst Will Clemente, who cites Glassnode data, revealed that Binance now has more Bitcoin (BTC) units than competitor Coinbase.
Narrowing: Binance has surpassed Coinbase to have the most BTC of any stock exchange pic.twitter.com/oNt4boKdBL
– Will Clemente (@WClementeIII) July 18, 2022
The data showed that the Binance BTC holdings crossed the 600,000 mark, and Coinbase’s holdings fell below that level.
Coinbase has had the largest BTC holdings among crypto exchanges for some time now, with the holdings at once over 800,000 units. However, the stock exchange’s BTC holdings began to decline as competition in space began to heat up in recent times.
Coinglass data as of July 18 showed that Coinbase still had the highest Bitcoin holdings with over 600,000 units while Binance had over 500,000.
However, the data showed that Coinbase had recorded 10,888 outflows during the last seven days, while Binance recorded almost 20,000 inflows in the same period.
Sorry, but this tweet is just grossly inaccurate. How do you even know how much BTC a stock market has?
Nick de Bontin (@Ndebontin) July 18, 2022
A Coinbase employee, Nick de Bontin, also refuted the Glassnode data, saying that they “probably looked at hot wallets and known branded addresses” when “the vast majority of exchanges are in cold storage and unmarked addresses.”
It is unclear whether Glassnode was responsible for the units in cold storage and unmarked addresses.
Coinbase users panic
Coinbase users on Reddit panic when a look at the Exchange subReddit group showed that some users are facing “connectivity issues.”
Everything works fine at $ COIN pic.twitter.com/XBWgiE7SvV
– Markets & Mayhem (@ Mayhem4Markets) July 18, 2022
A post from BigMan479 asked the community about “Coinbase (did not work)”, and the answers showed that some other members were also faced with the same problem despite trying to use the exchange via the mobile application and the official website.
.@Coinbase Please what is the update on client withdrawal challenges on your platform?
– Lboj (@ LanreJoseph10) July 18, 2022
Another user who had trouble withdrawing his money received a response from a Coinbase mod that the stock exchange “is aware of this problem and is working to get everything back to normal as soon as possible.”
The majority of the responses to these posts suggested that the problem was caused by Coinbase being “insolvent”, while others said they thought the exchange worked well.
A look at Coinbase’s operational status from 17:11 UTC showed that the stock exchange had had an event-free day.
