According to on-chain data tracked by CryptoQuant, Bitcoin is flowing from Binance to Coinbase. In the last 24 hours, Coinbase's reserves have increased by around 12,000 BTC, while Binance's reserves have decreased by 5,000 BTC.
Web 3 analyst Bradley Park from CryptoQuant reported to CoinDesk that the decrease in Bitcoin reserves on Binance seems to be a result of outflows from retail funds.
Greta Yuan, Head of Research at digital asset platform VDX, stated that the market is still nervous about the recent legal implications for Binance. In the short term, it is expected that more users will move funds to compliant or licensed exchanges.
Crypto service provider Matrixport mentioned, “With this plea agreement, expectations for a spot Bitcoin ETF might increase to 100%, as the entire industry will be forced to comply with the rules that traditional financial companies must adhere to.”