2 years ago
Popular crypto expert Will Clemente, citing Glassnode data, revealed that Binance present holds much Bitcoin (BTC) units than its rival Coinbase.
The flippening: Binance has surpassed Coinbase for having the astir BTC of immoderate speech pic.twitter.com/oNt4boKdBL
— Will Clemente (@WClementeIII) July 18, 2022
The information showed that Binance BTC holdings crossed the 600,000 mark, and Coinbase’s holdings dropped beneath that level.
Coinbase has had the largest BTC holdings amongst crypto exchanges for a portion now, with its holdings astatine 1 clip implicit 800,000 units. However, the exchange’s BTC holding began to diminution arsenic contention successful the abstraction began to vigor up successful caller times.
Coinglass data arsenic of July 18 showed that Coinbase inactive had the highest Bitcoin holdings with implicit 600,000 units portion Binance had implicit 500,000.
However, the information showed that Coinbase had recorded 10,888 outflows successful the past 7 days, portion Binance recorded astir 20,000 inflows wrong the aforesaid period.
Sorry but this tweet is conscionable grossly inaccurate. How does 1 adjacent unreal to cognize however overmuch BTC an speech has?
— Nick de Bontin (@Ndebontin) July 18, 2022
A Coinbase employee, Nick de Bontin, besides refuted the Glassnode information saying it was “probably looking astatine blistery wallets and known tagged addresses” erstwhile “the immense bulk of speech funds are successful acold retention and untagged addresses.”
It is unclear whether Glassnode accounted for the units successful acold retention and untagged addresses.
Coinbase users panick
Coinbase users connected Reddit are panicking arsenic a look astatine the speech subReddit radical showed that immoderate users are faced with “connection issues.”
Everything seems good astatine $COIN pic.twitter.com/XBWgiE7SvV
— Markets & Mayhem (@Mayhem4Markets) July 18, 2022
A station from BigMan479 asked the assemblage if “Coinbase (was) not working,” and the responses showed that immoderate different members were besides faced with the aforesaid contented contempt trying to usage the speech via its mobile exertion and authoritative website.
.@Coinbase delight what is the update connected lawsuit withdrawal challenges connected your platform?
— Lboj (@LanreJoseph10) July 18, 2022
Another idiosyncratic who had trouble withdrawing his funds got a response from a Coinbase mod that the speech “is alert of this contented and is moving connected getting everything backmost to mean arsenic soon arsenic possible.”
The bulk of responses to these posts alluded that the contented was caused by Coinbase being “insolvent,” portion others said they believed the speech was moving fine.
A look astatine Coinbase’s operational presumption arsenic of 17:11 UTC showed that the speech had had an incident-free day.
The station Glassnode information shows Binance’s Bitcoin holdings surpass Coinbase appeared archetypal connected CryptoSlate.
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