According to on-chain data tracked by CryptoQuant, Bitcoin is flowing from Binance to Coinbase. Since yesterday, Coinbase’s reserves have increased by approximately 12,000 BTC, while Binance’s reserves have decreased by 5,000 BTC.
Bradley Park, Web 3 analyst at CryptoQuant, wrote in a report to CoinDesk: The decrease in Bitcoin reserves on Binance appears to be due to retail outflows.
Greta Yuan, head of research at digital asset platform VDX, said the market is still nervous about the recent legal implications against Binance. In the short term, we will see more users moving funds to compliant or licensed exchanges.
Crypto services provider Matrixport wrote: “With this plea agreement, expectations for spot Bitcoin ETFs may increase to 100% as the industry will be forced to comply with the rules that TradFi companies must abide by.” (Coindesk)