The spot ETF approval in the US in early 2023 has been linked to the growth of whales in Coinbase, with most of them opting for the exchange as the custodian for their BTC holdings.
CryptoQuant has identified Coinbase as the preferred cryptocurrency exchange for Bitcoin whales in recent times. The crypto exchange reportedly has the highest ‘Exchange Whale Ratio’ of 1.007, a metric that reflects the ratio between the sum of the top 10 exchange inflows and the total exchange inflow.
Coinbase has recorded consistently high inflows, mainly from whales, in comparison to other well-known platforms, such as Binance.
