Binance Users Flee to Coinbase Amid Legal Woes, Boosting Prospects of Bitcoin ETF
• Bitcoin is flowing from Binance to Coinbase according to on-chain data from CryptoQuant. Since yesterday, Coinbase's BTC reserves rose by 12,000 while Binance's dropped by 5,000.
• The Binance outflows appear to be caused by retail users moving funds likely due to legal issues faced by Binance recently.
• Analysts say more users are shifting to compliant, licensed exchanges like Coinbase for peace of mind.
• The Binance plea deal with the DOJ may have increased expectations for a spot Bitcoin ETF approval to 100%.
• Some analysts believe exchange BTC reserves dropping throughout 2022 is bullish, but trust in centralized exchanges has fallen since FTX's collapse.