The quantity of bitcoin that each cryptocurrency exchange has has frequently determined which one reigns supreme. This is a result of the prestige associated with the original coin as well as, obviously, the price it fetches. When it comes to holdings of bitcoin, Coinbase has consistently maintained its market-leading position. However, given the decline in Coinbase’s bitcoin holdings, it appears that a new king has arrived.
Leads: Binance Glassnode, a Coinbase Statistics analytics company, is renowned for delivering market data utilizing on-chain indicators. This time, the company has revealed a startling conclusion that threatens Coinbase’s dominance in the market.
According to its most recent report, Coinbase is no longer the exchange in the market with the greatest bitcoin holdings. The honor of being the biggest cryptocurrency exchange in the world currently belongs to Binance, which is praised for its volume.
Market researcher Will Clemente revealed the discovery on Twitter by posting an image of the Glassnode report. It demonstrated that while Coinbase’s bitcoin holdings had been steadily declining over the last year, a sizable quantity of bitcoin had been absorbed by Binance.
Glassnode claims that Coinbase now only has less than 600,000 Bitcoins. On the other side, Binance experienced a rise in its Bitcoin holdings during the bear market that set a new record.
The difference between the two balances over time indicates that the majority of the bitcoins leaving Coinbase were probably transferred to rival Binance.
Balances in Bitcoin Might Not Be Reliable
Following Will Clemente’s tweet, a Coinbase employee weighed in to deny the allegations, claiming that Glassnode had utilized unrelated data for its research. Therefore, given that its bitcoin are kept in cold storage, there is no possibility that its conclusions could be accurate.
Investors have had other reasons to be concerned than the Binance flippening, too. On social media during the past week, a number of allegations had been circulating that the cryptocurrency exchange was bankrupt.
This fueled the notion as it happened after the Voyager and Celsius financial problems.
Users of Coinbase have also complained that they are unable to withdraw money from the exchange. These problems have added up to the exchange now having a lower trust rating among bitcoin consumers. The exchange recently ended its affiliate marketing initiative, which has fueled speculation about Coinbase’s approaching catastrophe.