Amid an investigation by the US Department of Justice and the resignation of the CEO of the Binance exchange, Changpeng Zhao, the platform’s Bitcoin reserves decreased by 5,000 BTC. Analysts report this CryptoQuant.
Experts believe that there has been a redistribution of capital in the market. In particular, they noted the influx of 12,000 BTC into the reserves of the Coinbase exchange:
Changes in Bitcoin reserves on the Binance and Coinbase exchanges. Source: CryptoQuant.
According to analysts, the capital outflow was triggered by regulatory difficulties at Binance. In addition, CryptoQuant noted the general trend towards a decrease in Bitcoin reserves of centralized exchanges.
Despite local spikes, such as in October 2023, the overall trend remains negative, according to CoinGlass. Some experts attribute this to a loss of confidence in exchanges after the collapse of FTX, while others point to the prerequisites for a “bullish” phase.
Changing Bitcoin reserves on centralized crypto exchanges. Source: Glassnode.
It should be noted that, amid news of fines for Binance and Changpeng Zhao, the outflow of capital from the exchange exceeded $1 billion.
Despite this, experts from Matrixport and Bernstein are confident that the company will maintain its leading position in the industry.
Source: Cryptocurrency
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