There has been significant movement of assets on major cryptocurrency exchanges, particularly Binance and Coinbase. According to data from pro.nansen.ai/exchange-flows, Binance witnessed a net outflow of approximately $2.376 billion in multi-chain assets, excluding Bitcoin.
Meanwhile, Coinbase experienced a net outflow of $1.787 billion, with an additional $739 million withdrawn from Coinbase Custody. These figures highlight a substantial shift in investor sentiment and a potential repositioning within the cryptocurrency market.
On the other hand, Binance’s outflows pale in comparison to Coinbase’s significant reduction in assets. While Binance’s outflows of $2.376 billion may seem significant, when considering the overall volume of assets on the platform, it represents only a small percentage. In contrast, Coinbase’s net outflow of $1.787 billion is a notable figure, indicating a more substantial movement of funds from the exchange.
Coinbase Custody, the subsidiary of Coinbase dedicated to institutional investors, also experienced a considerable net outflow of $739 million. This suggests that institutional investors may be reevaluating their crypto holdings or potentially diversifying their portfolios across different platforms.
Meanwhile, as cryptocurrency investors monitor these outflows, the focus also shifts to the upcoming central bank interest rate decisions. The United States, Europe, and Japan are all set to announce their respective central bank interest rate decisions this week. Market expectations are divided