According to Glassnode data, Binance surpassed Coinbase to become the exchange with the most Bitcoin.
Glassnode data shared by crypto analyst Will Clemente is also supported by previous research. According to the Glassnode Insights report, Coinbase has seen outflows of 450,000 BTC in the last two years. These assets were transferred to different wallets not related to Coinbase.
The flippening: Binance has surpassed Coinbase for having the most BTC of any exchange pic.twitter.com/oNt4boKdBL
— Will Clemente (@WClementeIII) July 18, 2022
On the other hand, during the same period, Binance’s Bitcoin assets increased by 300,000 BTC. As a result, Binance surpassed Coinbase to become the exchange with the largest supply of Bitcoin.
Bitcoin is trading above $22,203 at the time of writing, according to Binance data.
Losing its lead in bitcoin supply, Coinbase has managed to gain regulatory approval to serve Italian consumers.
