Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Binance’s Wallet Grows By 240% in 2 Years While Coinbase’s Falls

Published 06/29/2022, 03:30 AM
Updated 06/29/2022, 03:30 AM
© Reuters Binance’s Wallet Grows By 240% in 2 Years While Coinbase’s Falls

© Reuters Binance’s Wallet Grows By 240% in 2 Years While Coinbase’s Falls

  • Binance maintained above 250,000 BTC in its cold wallet since 2019, progressively increasing to 600,000 BTC in 3 years.
  • Coinbase (NASDAQ:COIN) already had one million BTC as of 2019, but it gradually fell to around 500,000 in 2022
  • Other popular exchanges like FTX, Crypto.com, and KuCoin, barely have up to 100,000 BTC holding in their cold address from 2017 until date.

Through a period of two years, the Bitcoin (BTC) holdings of two popular cryptocurrency exchanges, Binance and Coinbase, graphically show an almost perfect negative correlation. While the Binance exchange kept accumulating BTC from 2020 until now, Coinbase, on the other hand, experienced continuous depletion of its BTC holding through the same period.

This information is per data available from Glassnode, a blockchain data and intelligence platform.

Binance maintained above 250,000 BTC in its cold wallet since 2019, progressively increasing to 600,000 BTC in three years. In 2019, Coinbase already had more than one million sats of bitcoin in its cold wallet, but it has gradually fallen to the current size of slightly above 500,000.

These numbers capture how crypto traders interact with each exchange, whether they’re depositing or withdrawing from them. While the price of BTC crashed in the past few weeks to $17,588, the balance of the Binance cold wallet rose in the same period by 101,266 BTC.

Other equally popular exchanges like FTX, Crypto.com, and KuCoin, barely have up to 100,000 BTC holding in their cold address from 2017 until date. However, data from CoinMarketCap shows that FTX and KuCoin are part of the top five exchanges with the highest transaction volume in 24 hours.

Coinbase, FTX, and KuCoin have a combined 24 hours trading volume of $4.45 billion, but Binance is way ahead at $11 billion.

It can be observed that most crypto traders pick Binance over others because of its wide range of support services. For instance, Binance supports over 45 fiat currencies, including African currencies. In contrast, Coinbase supports only the United States dollars, euro, and Great Britain pounds.

Continue reading on CoinQuora

Latest comments

CZ is still the king. Hail to him.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.