Binance has flipped Coinbase to rank as the number one exchange globally with the most bitcoin held. This is yet another milestone for Binance, depicting the trust vested by users with their holdings on the exchange.
Well, the news isn’t the best for Coinbase as it had maintained its stance as the exchange with the most BTC holdings since 2014. Even though Binance is just five years old, it is truly an achievement for CZ’s exchange.
Coinbase didn’t have much positive news put out recently, as the only news that came out was about the exchange cutting down on its employees, citing harsh market conditions. But throughout the harsh market conditions, Binance proved to the crypto community its sturdy nature and even stated that crypto winter is the right time to hire talent.
Will Coinbase ever regain its lost throne from Binance?
The data from the Glassnode reveals that Coinbase, which has been staying at the top with its bitcoin positions, had a drop in its holdings, whereas Binance experienced an increase in its holdings.
Data from crypto analyst Will Clemente reveals a graph from Glassnode where Coinbase bitcoin holdings dropped below the 600k mark, whereas that of Binance surpassed the 600k mark.
But some users including Coinbase’s head of asset sales, Nick De Bontin had a different opinion on the data. “Sorry but this tweet is just grossly inaccurate. How does one even pretend to know how much BTC an exchange has?”
Disagreeing with the Glassnode data, Nick stated that the metric is irrelevant as most of the exchange funds are in untagged addresses and cold storage. But considering the current metrics by Glassnode, the data might even be true as there have been an increased userbase and trust in Binance as the exchange has been cooking up several developments and collaborations under its sleeve.