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  • Guides
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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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Home Bitcoin

Coinbase becomes a haven for Bitcoin holders amidst Binance’s troubles

November 23, 2023
in Bitcoin
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Bitcoin whales unload over $2 bln in BTC – Why?
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Journalist

Posted: November 23, 2023

  • BTC reserve on Coinbase has increased.
  • BTC bears may have re-emerged, but bullish momentum persists. 

Huge fund outflows recorded on Binance following Changpeng Zhao’s resignation as its CEO have resulted in the depletion of Bitcoin’s [BTC] reserves on the exchange. 

On 21st November, after news broke that Zhao had exited the company as part of the $4 billion settlement between United States regulators and his cryptocurrency exchange, the coin’s reserves on Binance declined by 5,000 BTC.

Investors, concerned about a potential bank run on Binance, have been turning to Coinbase for safety, resulting in a noticeable increase in its BTC reserves over the past 48 hours.

While Binance’s BTC reserve fell by 5000 on 21st November, Coinbase’s BTC reserve increased by 12,000 BTC.

In a recent report, pseudonymous CryptoQuant analyst Gaah even found that these coins were previously held on Binance. 

Source: CryptoQuant

Confirming increased activity on Coinbase in the last two days, its Coinbase Premium Index (CPI) rose by 100% between 21st and 22nd November. 

Source: CryptoQuant

The CPI is a metric that measures the difference between the price of an asset on Coinbase and Binance.

When an asset’s CPI value is positive and, in an uptrend, it indicates strong buying pressure among institutional investors on Coinbase.

As of press time, BTC’s CPI was 0.04.

Likewise, BTC’s Coinbase Premium Gap saw an increase after Zhao confirmed his announcement. It measures the difference between BTC’s price on Coinbase Pro and Binance

When this indicator returns a positive value and rises, it means that BTC is trading at a premium on Coinbase Pro. 

Source: CryptoQuant

Bear activity kept at bay

Following an extended period of rally, the bears regained control on 6th November, the coin’s Moving Average Convergence/Divergence indicator (MACD) showed.

See also  Bitcoin miners pivot to AI: New revenue stream post-halving?

On that day, the MACD line crossed below the trend line, ushering in a new bear cycle. Since then, the volume of daily accumulation amongst spot market participants has suffered a noticeable decline.


Read Bitcoin’s [BTC] Price Prediction 2023-24


BTC’s Relative Strength Index (RSI) and Money Flow Index (MFI) indicators have since trended downward as profit-taking activity gains momentum. 

However, these indicators still rest above their respective center lines, suggesting that the bulls are yet to be completely displaced. 

Source: BTC/USD on TradingView

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

Journalist

Posted: November 23, 2023

  • BTC reserve on Coinbase has increased.
  • BTC bears may have re-emerged, but bullish momentum persists. 

Huge fund outflows recorded on Binance following Changpeng Zhao’s resignation as its CEO have resulted in the depletion of Bitcoin’s [BTC] reserves on the exchange. 

On 21st November, after news broke that Zhao had exited the company as part of the $4 billion settlement between United States regulators and his cryptocurrency exchange, the coin’s reserves on Binance declined by 5,000 BTC.

Investors, concerned about a potential bank run on Binance, have been turning to Coinbase for safety, resulting in a noticeable increase in its BTC reserves over the past 48 hours.

While Binance’s BTC reserve fell by 5000 on 21st November, Coinbase’s BTC reserve increased by 12,000 BTC.

In a recent report, pseudonymous CryptoQuant analyst Gaah even found that these coins were previously held on Binance. 

Source: CryptoQuant

Confirming increased activity on Coinbase in the last two days, its Coinbase Premium Index (CPI) rose by 100% between 21st and 22nd November. 

Source: CryptoQuant

The CPI is a metric that measures the difference between the price of an asset on Coinbase and Binance.

See also  Bitcoin & MicroStrategy's concerning parallels: Peter Schiff issues warning

When an asset’s CPI value is positive and, in an uptrend, it indicates strong buying pressure among institutional investors on Coinbase.

As of press time, BTC’s CPI was 0.04.

Likewise, BTC’s Coinbase Premium Gap saw an increase after Zhao confirmed his announcement. It measures the difference between BTC’s price on Coinbase Pro and Binance

When this indicator returns a positive value and rises, it means that BTC is trading at a premium on Coinbase Pro. 

Source: CryptoQuant

Bear activity kept at bay

Following an extended period of rally, the bears regained control on 6th November, the coin’s Moving Average Convergence/Divergence indicator (MACD) showed.

On that day, the MACD line crossed below the trend line, ushering in a new bear cycle. Since then, the volume of daily accumulation amongst spot market participants has suffered a noticeable decline.


Read Bitcoin’s [BTC] Price Prediction 2023-24


BTC’s Relative Strength Index (RSI) and Money Flow Index (MFI) indicators have since trended downward as profit-taking activity gains momentum. 

However, these indicators still rest above their respective center lines, suggesting that the bulls are yet to be completely displaced. 

Source: BTC/USD on TradingView

Tags: BinancesBitcoinCoinbasehavenHolderstroubles

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

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How to Earn Keys to Boost Your HMSTR Airdrop

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The US Election is Just Days Away: Which Party is Best for Bitcoin Mining Stocks?

The US Election is Just Days Away: Which Party is Best for Bitcoin Mining Stocks?

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Bitcoin breaks through the $50k barrier – What next for BTC?

Bitcoin breaks through the $50k barrier – What next for BTC?

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A comprehensive guide to EchoLink: LBank’s latest launchpad project

A comprehensive guide to EchoLink: LBank’s latest launchpad project

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BitFuFu to go public on Nasdaq following merger with Arisz Acquisition

BitFuFu to go public on Nasdaq following merger with Arisz Acquisition

March 1, 2024

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