[MILESTONE] Binance Flips Coinbase as Exchange With Largest Bitcoin Supply

Following Glassnode’s analysis, more and more people are taking their bitcoins off exchanges as the bear market crunch continues.

Here’s what Blockchain Analytic Studios said after analyzing the activity from June 2022:

“Massive net outflows to exchange reserves continue, with total balances falling to levels last seen since July 2018.”

“With a historically poor month of price performance, exchanges have seen the biggest monthly drop on record, hitting an outflow rate of -150k BTC/month. This is from 5.0% to 6.0% of the total amount through June responsible for the shortfall in the normal balance of

– glassnode

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see all: Explainer’s Guide: How to Buy Your First $USDC Stablecoin on Coinbase in 6 Simple Steps

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Glassnode broke down the data at the exchange level to highlight an interesting divergence going on:

coinbase

  • Record setting exchange continues net outflow of coins with total decrease of -450k BTC in last 2 years
  • Coinbase balance declined in successive 10k to 30k BTC step function. These coins are being transferred to new wallets that are not affiliated with the Coinbase entity. These can be custodial solutions for institutions given their holding size.

Binance

  • Binance, on the other hand, has seen an increase in net balances by around +300k BTC over the same period. As a result, Binance has now replaced Coinbase as the exchange with the largest bitcoin supply.
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Total balances on the exchanges have seen a total outflow of -750k BTC since March 2020. The last 3 months alone have seen around 142.5k BTC in outflows, which is 18.8% of the total.

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Recommended Reading: Binance targets VIP customers and institutions with new service

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