As it is known, Binance and its CEO CZ signed an agreement with the US government and pleaded guilty to anti-money laundering and violating US sanctions charges.
Binance signed one of the largest corporate agreements in US history and agreed to pay $4.3 billion within the scope of this agreement. As part of the agreement, CZ will resign as Binance CEO and pay a fine of $50 million.
While investors were experiencing anxiety after this agreement, there was an outflow of around 1 billion dollars from Binance.
While these outflows were taking place, CryptoQuant analyst said that Bitcoin was flowing from Binance to Coinbase.
At this point, the analyst wrote that after the Binance-USA agreement, Coinbase's reserves increased by approximately 12,000 BTC, while Binance's reserves decreased by 5,000 BTC.
The analyst stated that the decreases in Bitcoin reserves in Binance appear to be due to retail sales and said:
“There has been a flow movement between Binance and Coinbase Pro. Coinbase's reserves have increased by approximately 12,000 BTC since the agreement, while Binance's reserves have decreased by 5,000 BTC.”
Bitcoin ETF Spot is close to approval and taking Binance, one of the biggest players in the industry, out of the game is very important for new players to actually come into this market.
Coinbase is the leading exchange in the United States today in terms of regulation and lobbying, and its volume consists largely of institutional investors.
It is very important to understand what institutional investors are doing because the flow of money entering or about to enter this sector comes from institutional investors.
“At this point, BTC transfers from Binance to Coinbase appear to have been made in anticipation of the approval of spot Bitcoin ETFs.”
Although there is a flow of BTC from Binance to Coinbase, Binance Spot remains a leader in the global crypto market, with Binance Spot's volume in the last 24 hours being approximately 6 times higher than Coinbase.
Apart from the CryptoQuant analyst, Greta Yuan, head of research at Hong Kong-based cryptocurrency platform VDX, also evaluated the transfers.
“The market is still nervous about the recent legal ramifications against Binance. So in the short term, we will see more users transferring their funds to compliant or licensed exchanges for peace of mind,” Yuan told CoinDesk. said.
*This is not investment advice.
