- Coinbase has held its position as the largest Bitcoin exchange since 2014.
- Bitcoin holdings on Coinbase have fallen below the 600,000 barrier.
In the race to hold the most bitcoins, Binance has beaten Coinbase to the top spot. It’s a new milestone for Binance, and it shows the confidence Binance users have in the exchange. As a result, the news isn’t good for Coinbase, which has held its position as the largest Bitcoin exchange since 2014. Even though Binance is just five years old, CZ’s exchange has accomplished a great deal.
Exploiting the Crypto Winter
The only news that came out of Coinbase lately was that the exchange reduced staff due to difficult market circumstances. And yet, despite the severe market circumstances that Binance demonstrated to the crypto world, it declared that crypto winter is the best time to acquire talent.
The data from Glassnode shows that Coinbase, which has remained at the top of the bitcoin rankings, decreased its holdings while Binance saw growth. According to data from crypto researcher Will Clemente, bitcoin holdings on Coinbase have fallen below the 600,000 barrier, but those on Binance have exceeded the 600,000 mark.
Nick tweeted:
“Taking a guess at @glassnode’s data it’s probably looking at hot wallets and known tagged addresses. That is a completely irrelevant metric given the vast majority of exchange funds are in cold storage and untagged addresses.”
Nick De Bontin, the head of Coinbase’s asset sales, disagreed with the statistics. Because most exchange money are stored in untagged addresses or a cold storage facility, Nick argues that the Glassnode data is meaningless. Glassnode’s current stats, on the other hand, show that Binance’s user base and trust have grown as the exchange has been working on several new projects and partnerships.
Recommended For You:
Zhu Su Co-founder of Three Arrows Capital Among List of Creditors
