Bitcoin ETF

Bitcoin

Spot

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<ul>
 <li>The Bitcoin reserves of Binance, the world’s largest cryptocurrency exchange, are rapidly decreasing, according to data from the blockchain analytics firm CryptoQuant.</li>
 <li>Many investors in the crypto community speculate that the recent $4.3 billion fine imposed on Binance may contribute to the significant outflows from Coinbase.</li>
 <li>Coinbase, a crypto exchange listed on the Nasdaq trading platform, is the preferred trading firm for most institutional players in the United States and around the world.</li>
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<p><strong>Following the recent developments on the Binance exchange, where Bitcoin reserves are decreasing, reserves on the Coinbase exchange are increasing.</strong></p>
<h2 id="strong-bitcoin-reserves-decreasing-on-binance-strong"><strong>Bitcoin Reserves Decreasing on Binance</strong></h2>
<p><img loading="lazy" decoding="async" class="alignnone size-full wp-image-127029" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="binance" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?w=1280&amp;quality=70&amp;ssl=1 1280w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/binance.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p>
<p>The Bitcoin reserves of Binance, the world’s largest cryptocurrency exchange, are rapidly decreasing, according to data from the blockchain analytics firm CryptoQuant. Notably, the outflows are observed to be moving towards Coinbase, a US-based cryptocurrency exchange and a leading digital asset platform.</p>
<p>Providing more details, CryptoQuant mentions that Coinbase Pro has acquired 12,000 Bitcoins so far, there has been a direct decrease in Binance’s reserves, and Binance’s reserves are now at 5,000 BTC. Despite Binance gradually increasing its reserves, CryptoQuant notes that spot Bitcoin transactions on Binance still surpass transactions on the Coinbase exchange by a factor of six.</p>
<p>Many investors in the crypto community speculate that the recent $4.3 billion fine imposed on Binance may contribute to the significant outflows from Coinbase. However, CryptoQuant indicates that this is more connected to the ongoing discussions around the spot Bitcoin exchange-traded fund (ETF).</p>
<p>In recent months, the Bitcoin spot ETF has been gaining attention in the crypto industry. So far, BlackRock, Valkyrie, Grayscale, Fidelity, WisdomTree, and many other asset management firms have submitted applications and regulations to the US Securities and Exchange Commission (SEC).</p>
<p>Coinbase is the force that brings all these applicants together, and this exchange is expected to play a crucial role as a key custodian for spot Bitcoin ETFs. Coinbase, a crypto exchange listed on the Nasdaq trading platform, is the preferred trading firm for most institutional players in the United States and around the world.</p>
<p>Therefore, CryptoQuant states that considering the significant role expected from Coinbase in facilitating Bitcoin spot ETFs for these trillion-dollar asset management firms, these outflows are only natural.</p>
<h2 id="strong-closer-to-spot-bitcoin-etf-approval-strong"><strong>Closer to Spot Bitcoin ETF Approval</strong></h2>
<p>Over the past two years, many traditional and crypto-related management companies have requested approval from the US Securities and Exchange Commission (SEC) for Bitcoin and Ethereum spot exchange-traded funds (ETFs).</p>
<p>Despite their efforts, the SEC has been reluctant to approve such ETFs, expressing concerns about market manipulation, accurate tracking of underlying asset prices, and potential risks to investors. However, recent developments indicate an increased likelihood of approval for a Bitcoin spot ETF in the coming weeks.</p>
<p>According to ETF analyst James Seyffart of Bloomberg, the approval percentage has increased significantly, and it is estimated that January 2024 is the expected time for regulatory approval. Meanwhile, in the last 48 hours, the tides have changed rapidly with sanctions imposed on Binance.</p>
<p>The post <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com/binances-bitcoin-reserves-flowing-into-coinbase-exchange-current-data/">Binance’s Bitcoin Reserves Flowing into Coinbase Exchange: Current Data!</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>
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Binance’s Bitcoin Reserves Flowing into Coinbase Exchange: Current Data!

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