CryptoQuant, a blockchain analysis firm, has reported a decline in the amount of bitcoin (BTC) held in Binance’s coffers in the last week.
The report, posted on CryptoQuant’s website on May 10, indicates that the amount of BTC held on Binance wallets was 1,890,743 BTC on April 12, but decreased to 1,595,227 BTC by April 18.
The decrease in reserves is in line with the recent retail trends that have seen investors turn away from Binance and in favor of Coinbase. While user activity is stilling steadily rising on Binance, users living in countries where Coinbase services are available are more likely to use Coinbase due to its fiat-enabled features and higher liquidity.
According to CryptoQuant, the reduction of Bitcoin reserves is significant and could be part of the bigger trend of investors switching from Binance to Coinbase.
The research firm also noted that the balance of the stablecoin Tether (USDT) on Coinbase has grown significantly over the past week, indicating that user withdrawals from Binance could be flowing into Coinbase.
