Binance Now Holds More Bitcoin than Coinbase

According to the data from Glassnode, Binance surpassed Coinbase on 18 July 2022 and became the crypto exchange with the most Bitcoin holdings in the world. Since the start of 2020, Binance has seen a gradual increase in its BTC holdings.

Coinbase, on the other hand, has struggled to maintain its Bitcoin holdings in the past few years. In the last 26 months, the overall Bitcoin balance on Coinbase has dipped almost 40%. During the same period, Binance witnessed a jump of nearly 100% in its BTC assets.

“The flipping: Binance has surpassed Coinbase for having the most BTC of any exchange,” Will Clemente, a crypto analyst, mentioned in a recent tweet.

Coinbase has been struggling for the past few months amid the latest crypto winter. In addition to a sharp dip in its BTC holdings, the digital exchange laid off almost 18% of its global workforce. Coinbase stock (COIN), on the other hand, has lost more than 70% of its value since the start of 2022.

After a massive correction, Bitcoin bulls made a strong comeback on Tuesday after the world’s largest digital asset jumped over 5%. On Wednesday, Bitcoin touched a high of $23,600.

“The Bitcoin market has corrected hard, and fast in 2022, driven by the unwind of excess leverage, and a plethora of forced sellers and liquidations. In a relatively short 7-month period, BTC has traded from an ATH, all the way into what resembles a bear market bottom. Against a backdrop of extremely challenging macroeconomic and geopolitical turmoil, Bitcoin is reaching peak investor saturation by high conviction HODLers, and it is becoming quite plausible that a genuine bottom formation could be underway,” Glassnode noted in its report.

Whale Bitcoin movements from Coinbase to other digital exchanges and unknown wallets have played a major role in the latest decline in its BTC holdings.