Bitcoin is flowing from Binance to Coinbase

Onchain data compiled by CryptoQuant has recorded notable movements of Bitcoin (BTC) between two leading exchanges, Binance and Coinbase.

According to the latest figures, Coinbase recorded a significant growth with about 12,000 BTC added to reserves in a single day. Meanwhile, Binance experienced a massive drop of around 5,000 BTC in the same period. These fluctuations are causing many questions in the crypto community and leading to the interest of the cryptocurrency community.

Bradley Park, Web 3 analyst at CryptoQuant, said that the decrease in Bitcoin reserves on Binance may reflect recent retail activity from individual users.

This can be understood as a market reaction to the legal challenges that Binance is facing. Greta Yuan, head of research at VDX, a digital asset platform based in Hong Kong, added that Coinbase appears to have built trust and stability over the long term, and this has can make many investors feel more secure when choosing this exchange to trade.

Recent settlement between Binance and the US Department of Justice. These moves could pave the way for a spot Bitcoin ETF, with the potential to significantly increase the crypto industry's ability to adhere to the same rules and standards as traditional financial firms. . Analysts also note that this could be an opportunity for the traditional stock market to change and gradually accept a Bitcoin ETF.

According to my personal assessment. Bitcoin's withdrawal from Binance may reflect the market's concerns/lack of trust in this exchange due to the legal issues they are facing. Meanwhile, Coinbase has arguably built more credibility and trust. The recent agreement between Binance and the US Department of Justice may be a positive signal that this exchange wants to comply with US regulations towards universal application, which is beneficial for the entire cryptocurrency market. death in the future.

Forecasts about the possibility of a spot Bitcoin ETF in the future are reasonable, especially in the context that crypto exchanges are gradually being regulated and monitored more strictly. This will attract more institutional investors.