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Bitcoin ETF

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<div class="cryptonews">
 <p class="is-style-lead">The crypto markets have observed a subtle yet noteworthy shift in Bitcoin (BTC) <a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> from Binance to Coinbase Pro amid Binance’s recent regulatory challenges and the anticipation of a spot Bitcoin ETF in the United States.</p>
 <p>Data from CryptoQuant reveals that, as of 4:00 PM on Nov. 22, approximately 5,000 BTC exited Binance, finding a new home in Coinbase Pro, which saw an uptick of around 12,000 BTC in its reserves.</p>
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    <p lang="en" dir="ltr">$BTC moving from Binance to Coinbase<br><br>"Coinbase's reserves have since increased by around 12,000 BTC while Binance's have decreased by 5,000 BTC."<br>by @gaah_im <br><br>Link https://t.co/92UQ3ODcIt</p>— CryptoQuant.com (@cryptoquant_com) November 23, 2023
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 <p>The catalyst behind this movement appears to be the legal troubles faced by former Binance CEO Changpeng Zhao. He recently pleaded guilty to anti-money laundering charges brought by U.S. authorities, leading to an agreement that also requires him to step down as CEO and pay a personal fine of $50 million.</p>
 <p>Binance, in turn, agreed to a hefty fine of $4.3 billion. News of this has sent shockwaves throughout the crypto community, prompting investors to reevaluate their positions on several key exchanges. Previous reports confirmed an outflow of $1.2 billion from Binance over the past week.</p>
 <p>In addition, the long anticipated approval of a Bitcoin spot ETF has contributed to the recent shift. With the possibility of a regulatory green light on the horizon, industry experts are positioning themselves to make windfall from the potential regulatory changes in the pipeline.</p>
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 <p>Coinbase, recognized as a leading U.S. exchange with a strong regulatory stance, stands to benefit as institutional players seek a stable and compliant trading environment. However, Coinbase has not been exempt from run-ins with the U.S. Securities and Exchange Commission (SEC) either.</p>
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 <p>Yet Coinbase remains a top U.S. exchange due to its embrace of regulation and lobbying. Its clientele predominantly comprises institutional players, entities that stand to benefit immensely ahead of a potential ETF approval.</p>
 <p>Despite the movements, it’s worth noting that Binance still maintains a considerable lead in global crypto market volume, boasting nearly six times more activity than Coinbase in the last 24 hours.&nbsp;</p>
 <h2 class="wp-block-heading" id="bitcoin-recovers-above-37-000">Bitcoin recovers above $37,000</h2>
 <p>Notably, the shift in BTC funds coincides with a recent period of sustained volatility in the Bitcoin market. Following reports of Binance’s regulatory woes, BTC broke the psychological support levels of $37,000 and $36,000.</p>
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   BTC price – Nov. 23 | Source: Trading View
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 <p>The asset eventually dropped to a low of $35,735 on Nov. 21, posting a 4.56% intraday loss. However, Bitcoin staged a recovery the next day, recouping losses triggered by bearish reports the asset reclaimed the $36,000-$37,000 level, resting at $37,861 by the end of Nov. 22.</p>
 <p>The recovery campaign extended into Nov. 23, reviving bullishness in the broader market, as several altcoins recorded impressive gains as well.</p>
 <p>BTC is up 2.42% over the past 24 hours and is currently trading at $37,452.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> DoJ urges judge to require Binance’s Zhao to stay in the U.S. before sentencing
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-flows-from-binance-to-coinbase-after-tumultous-week-tbt71348.html">https://thebittimes.com/bitcoin-flows-from-binance-to-coinbase-after-tumultous-week-tbt71348.html</a></p>

Bitcoin flows from Binance to Coinbase after tumultous week

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