It looks like cryptocurrency exchange Coinbase is gaining more prominence in the last few days as some on-chain data have highlighted the growing inflow into the exchange’s reserve at the detriment of Binance.
Huge Coinbase Inflows Spotted
On-chain data compiled by CryptoQuant showed that Coinbase’s reserve increased by up to 12,000 Bitcoin (BTC), just around the same period that Binance’s reserve plunged by 5,000 BTC. Bradley Park, a Web3.0 analyst at CryptoQuant pointed out that the decrease in Bitcoin reserves on Binance appears to be due to retail outflows.
In the first 12 hours preceding the legal enforcement, Nansen confirmed on the X app that there was no real sign of a “mass exodus of funds.”
“In the past, Binance has processed higher volumes of outflow and negative netflow: June 2023 after the SEC sued Binance, December 2022 after insolvency rumors, and the immediate aftermath of FTX,” Nansen outlined.
This status quo was soon tilted as Binance began to r
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