According to Glassnode data shared by crypto analyst Will Clemente, Binance has overtaken Coinbase to rank as the largest exchange with the most BTC held.
The flippening: Binance has surpassed Coinbase for having the most BTC of any exchange pic.twitter.com/oNt4boKdBL— Will Clemente (@WClementeIII) July 18, 2022
This narrative seems to be well supported. A recent Glassnode Insights report noted that Coinbase has experienced net outflows of Bitcoin for the past two years, totaling over 450,000 BTC. It states that the Coinbase BTC balance decreased in a consistent 10K to 30K BTC step function and adds that the reduction was caused by the transfer of these coins to new wallets unrelated to the Coinbase entity. Given their size, Glassnode makes the speculative claim that it could serve as custodial solutions for institutions.
On the other hand, over the same period, Binance's net balance increased by about 300,000 BTC. As a result, Binance has now flipped Coinbase as the exchange with the largest Bitcoin supply, as highlighted by Will Clemente.
In its weekly on-chain newsletter, Glassnode noted that there are many indications that a deep and complete capitulation has taken place as Bitcoin prices have now been trading below the Realized Price for more than a month. Numerous signals, therefore, suggest that the genuine bottom formation could be taking place.
At the time of publication, Bitcoin was trading up 4% at $22,187.
Coinbase wins regulatory approval in Italy
According to a blog post published on Monday, U.S. cryptocurrency exchange Coinbase has received authorization from Italian regulators to continue serving Italian consumers.
The Organismo Agenti e Mediatori (OAM), which regulates financial agents and credit brokers in Italy and enforces anti-money laundering procedures, said that Coinbase has complied with its standards. The largest exchange in the world, Binance, a rival of Coinbase, announced in May that it has registered with the OAM.