Some Investors Are Transferring Their Bitcoins (Btc) From Binance To Another Exchange!

Bitcoin (BTC) deposits are taking place on the Coinbase exchange.

In recent days, Binance has come to the forefront of the cryptocurrency sector. The resignation of Binance founder CZ and the company's acceptance to pay a $4 billion fine have attracted the attention of many cryptocurrency investors.

Following CZ's resignation, some investors have started to distance themselves from the Binance exchange. While there is no clear sign of a "bank run" yet, there are observations of withdrawals from Binance.

It appears that some investors are transferring their Bitcoins from the Binance exchange to Coinbase. However, these withdrawals do not currently pose a threat to Binance.

CryptoQuant, a successful data provider, shared the following information about BTC outflows from Binance:

"There was a (yet insignificant) flow between Binance and Coinbase Pro. Since then, Coinbase's reserves have increased by about 12,000 BTC, while Binance's reserves have decreased by 5,000 BTC. The Bitcoin ETF is close to approval, and taking Binance out of the game is very important for new players entering this market. Coinbase is currently the leading exchange in the U.S. in terms of regulation and lobbying, and its volume is largely composed of institutional players. Understanding what institutional players are doing is crucial because the money flowing into and about to enter this market comes from these institutions. However, in the last 24 hours, the volume on Binance Spot is about 6 times higher than Coinbase. Binance continues to dominate the global crypto market."