Binance Flips Coinbase, Now Has Highest BTC for Exchanges !!

[tokyohd]

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.

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.

Read more on so visit U.Today
https://u.today/binance-flips-coinbase-now-has-highest-btc-for-exchanges

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[mk4]

I could almost guarantee that this was caused by Binance removing exchange fees off BTC/USD trading pairs.

That, and the fact that Coinbase is totally crap when competing in the shitcoin casino category. At least Binance lists coins/tokens that people are aware of; Coinbase on the other hand? Even with me being quite active in the broader cryptocurrency space, Coinbase sure loves listing unknown crap. I'm actually confident that I'd do a better job at picking coin/token listings that'll actually get trading volume compared to whoever handles Coinbase listings. They're THAT bad.

[Rruchi man]

More money for CZ, he is taking over the crypto currency space, Binance is everywhere, their team is really working hard for marketing and their technical team is doing a great jobs ensuring that there are lesser glitches. It was highly expected though for binance, many people already see them as the best option these days. Now that they have achieved this feat, a new responsibility lies with them to be able to ensure that they can accommodate the many crowd that will be flocking their way.

[DaveF]

I could almost guarantee that this was caused by Binance removing exchange fees off BTC/USD trading pairs.

Sell it at a loss and make it up in volume :-)
But seriously, I'm guess that with all the other fees they figured to get more volume is better even if the BTC/USD is not generating cash flow at thins point the "I'm here and trading anyway happens" will get them some volume / money.

Yeah, Coinex might have a slightly better rate on Dave's itchy testicle <-> BTC then Bianance, but I'm here and moving the BTC anyway might as well trade it here instead of having a withdraw fee and waiting.

-Dave

[franky1]

all as a reaction of the luna drama, where that month binance stopped withdrawals for a bit, and pushed people to move value to coinbase via sidechains to then let coinbase take responsibility of the withdrawal of real coin.

then yea. offer free/cheaper trading to get more deposits of real coin back to binance.

[jackg]

I could almost guarantee that this was caused by Binance removing exchange fees off BTC/USD trading pairs.

Sell it at a loss and make it up in volume :-)
But seriously, I'm guess that with all the other fees they figured to get more volume is better even if the BTC/USD is not generating cash flow at thins point the "I'm here and trading anyway happens" will get them some volume / money.

I'd assumed binance makes most of its money from futures, margin and other gimmicks it can sell to regular investors/traders - it could always find other ways to absorb fees too.


I think binance has better incentives to get users to keep funds on their exchange too though. They offer interest on btc held there and also make things fairly easy to find too (coinbase is really bad at that). It's really sold as the exchange to quickly deposit->trade->withdraw with and not much else seems to happen there.

[darkangel11]

Coinbase is known for selling users to the US government, which doesn't help with their PR. Also, Armstrong had some problems with their employees. He responded to their complaints by telling them to quit. That's not how you deal with employees and it shows how overconfident and rude he is. He also fired a lot of his staff, which could be a sign of trouble for people who hold a lot of money on Coinbase and closely monitor every tweet article about the site.

You reap what you sow Brian.

[Rabi3]

all as a reaction of the luna drama, where that month binance stopped withdrawals for a bit, and pushed people to move value to coinbase via sidechains to then let coinbase take responsibility of the withdrawal of real coin.

then yea. offer free/cheaper trading to get more deposits of real coin back to binance.

Yeah, I think that really helped and the team of binance knew what they were doing, I really think binance's team is smarter, in my opinion it's going to be hard for coinbase to comeback, I can't see how that could happen.

[ChiBitCTy]

Good, the more we move away from Coinbase, the better. I know they all cryptocurrency exchanges have their issues, but Coinbase is at the very top of that list. They don’t give two shits about thirty customers, and it’s times people start taking notice of that.

[pooya87]

I could almost guarantee that this was caused by Binance removing exchange fees off BTC/USD trading pairs.

Last time this happened the exchanges that had zero fees were laundering a lot of money that eventually forced the authorities to kick their doors down and shut them down for good. I wonder if Binance is on the same path and if they are close to being shut down.

[Fundamentals Of]

I could almost guarantee that this was caused by Binance removing exchange fees off BTC/USD trading pairs.

Last time this happened the exchanges that had zero fees were laundering a lot of money that eventually forced the authorities to kick their doors down and shut them down for good. I wonder if Binance is on the same path and if they are close to being shut down.

I think this zero fee is temporary. Sooner rather than later Binance will implement fees once again. This zero fee is probably being implemented during this bear season to encourage people to trade and do more activities despite the bear market.

Binance has been on the road of being repeatedly kicked out from countries. But as one door closes, another opens. CZ is doing hard work in shilling Binance to countries all over the world.

[mk4]

I'd assumed binance makes most of its money from futures, margin and other gimmicks it can sell to regular investors/traders - it could always find other ways to absorb fees too.

They do. Binance has like a bajillion features outside of spot trading now. They even have loans, gift cards, and debit cards now. It's pretty much now a super app that's absolutely destroying Coinbase.

Also take note that the zero fee thing is only with BTC/USD trading pairs, not alts.

[romero121]

I'm not sure how far is the trading volume details on the coinmarketcap is precise. According to the data the difference between Binance and Coinbase is very big. So, Binance leading the race isn't a big thing. Also the features available in Binance is huge and to study those features itself we need to spend few days.

[kamvreto]

I'm not sure how far is the trading volume details on the coinmarketcap is precise. According to the data the difference between Binance and Coinbase is very big. So, Binance leading the race isn't a big thing. Also the features available in Binance is huge and to study those features itself we need to spend few days.

People prefer to switch to Binance because the features provided are more complete. I've also been using binance from the start and don't want to switch unless the coin I'm trading is not on binance. The number of coins listed on binance is also more. Binance and Coinbase also implement KYC.
Currently CZ has succeeded in promoting Binance to become number one and many projects want to collaborate with Binance.

[franky1]

Coinbase is known for selling users to the US government, which doesn't help with their PR. Also, Armstrong had some problems with their employees. He responded to their complaints by telling them to quit. That's not how you deal with employees and it shows how overconfident and rude he is. He also fired a lot of his staff, which could be a sign of trouble for people who hold a lot of money on Coinbase and closely monitor every tweet article about the site.

You reap what you sow Brian.

coinbase is not a 'solo' company. its a subsidiary of the DCG conglomerate
armstrong thinks his role is secure and backed by his sister companies. and the price of business sometimes is downsizing staff to get rid of the time wasters/least talented of the team.

those with talent usually are the ones kept on or at very worse if they are cut, they usually find a better job easy(handed a position from a sister company the same day, so its a simple job swap rather than a loss), so they dont hold any harsh resentment much.
its the ones cant/wont get a job easy that think their career has ended that get angry. so from a business point of view. those upset are usually the ones with less talent and they are proving it by not just getting on with getting a new job and instead grieving the loss of old job.. so he chose to get rid of the correct people

but heres the thing.
armstrong aint the boss. he is just the CEO of a baby company of DCG and DCG can chuck him out too
he might have 19% stake in coinbase. but that just makes him a high income share holder. not a leader.
yep armstrong can get voted out still

[_act_]

I could almost guarantee that this was caused by Binance removing exchange fees off BTC/USD trading pairs.

You are not wrong, Binance bitcoin withdrawal fee was 0.0005 BTC before, but Binance reduced the withdrawal fee to 0.0002 BTC.

But Coinbase has been the fault of itself from the beginning, he did not provide crypto exchange service in some countries, not because the government of the countries banned Coinbase, but best known to Coinbase the reason they are like that. Binance came and provide services to those countries.

[Don Pedro Dinero]

Do you guys think that this could have any influence on the recent bankruptcy rumours about Coinbase? We have just commented on it in our local section and I have made reference to it in another thread:

Will Coinbase go bankrupt?

Amid fears of Coinbase going bankrupt, CLO says ‘Your funds are safe’; company to lay off 18% workforce

LMAO. When I see these kinds of statements I start to worry.

Coinbase Under a Dark Cloud as Rumors of Bankruptcy Surface on Social Media

[franky1]

Do you guys think that this could have any influence on the recent bankruptcy rumours about Coinbase? We have just commented on it in our local section and I have made reference to it in another thread:

Will Coinbase go bankrupt?

Amid fears of Coinbase going bankrupt, CLO says ‘Your funds are safe’; company to lay off 18% workforce

LMAO. When I see these kinds of statements I start to worry.

Coinbase Under a Dark Cloud as Rumors of Bankruptcy Surface on Social Media

usually a true signal of a company going bankrupt. is you see the top talent flee first.
usually if its just stremlining to be more efficient. you see the knuckle draggers get thrown out first

[SquirrelJulietGarden]

I could almost guarantee that this was caused by Binance removing exchange fees off BTC/USD trading pairs.

Binance was launched with great ideas and tech behind to fix bad issues on crypto exchanges in 2017 when I read history of Binance and Changpeng Zao. After 5 years, they are still here and still have creative ideas to change the industry. It helps them to beat competitors and get more customers.

That, and the fact that Coinbase is totally crap when competing in the shitcoin casino category. At least Binance lists coins/tokens that people are aware of; Coinbase on the other hand? Even with me being quite active in the broader cryptocurrency space, Coinbase sure loves listing unknown crap. I'm actually confident that I'd do a better job at picking coin/token listings that'll actually get trading volume compared to whoever handles Coinbase listings. They're THAT bad.

There are times when people were crazy with listing news from Coinbase. It is gone.

Furthermore, Coinbase is too strict with Know Your Customer that is most hated by crypto users. I know Binance started to require mandatory KYC recent weeks but Coinbase did it years ago.

[NeuroticFish]

Binance was launched with great ideas and tech behind to fix bad issues on crypto exchanges in 2017 when I read history of Binance and Changpeng Zao. After 5 years, they are still here and still have creative ideas to change the industry. It helps them to beat competitors and get more customers.

Binance's "Funds are SAFU" was wow in their early days.
Now they're quite a "monster" with tons of altcoins and shitcoins too, but I guess that it helps the business grow.
The current no-fee thing also attracted all day traders, obviously.

BUT:
* they still handle BTC pretty oddly, from showing differently legacy and segwit (like there would be different chains)
* they try to convince people use Binance chain for everything (no wonder though)
* when the price go up very fast their servers tend to not handle well the load

So they are good, but not perfect. By far.

There are times when people were crazy with listing news from Coinbase. It is gone.

Furthermore, Coinbase is too strict with Know Your Customer that is most hated by crypto users. I know Binance started to require mandatory KYC recent weeks but Coinbase did it years ago.

Coinbase was always overrated imho. Coinbase is an American company hence it was greatly preferred by Americans.
The more and more strict KYC goes on everywhere. Even Binance, who was "traveling" a lot in order to evade this requirement, now they comply. So KYC is no longer something new in the world of centralized exchanges; I don't think that this is what makes the difference Binance vs Coinbase.
However, we'll see the truth when the 0-fees fiesta ends...