{"id":1601,"date":"2024-05-15T01:00:17","date_gmt":"2024-05-15T01:00:17","guid":{"rendered":"https:\/\/cryptd.in\/bitcoin-price-linked-to-binance-vs-coinbase-battle-quant-reveals\/"},"modified":"2024-05-15T01:00:17","modified_gmt":"2024-05-15T01:00:17","slug":"bitcoin-price-linked-to-binance-vs-coinbase-battle-quant-reveals","status":"publish","type":"post","link":"https:\/\/cryptd.in\/el\/bitcoin-price-linked-to-binance-vs-coinbase-battle-quant-reveals\/","title":{"rendered":"Bitcoin Price Linked To Binance Vs Coinbase Battle, Quant Reveals"},"content":{"rendered":"<p>A quant has explained how there appears to be a relationship between Coinbase\u2019s spot volume dominance vs. Binance\u2019s and the Bitcoin price.<\/p>\n<h2>Bitcoin Has Been Reacting To Binance\/Coinbase Volume Changes<\/h2>\n<p>In a CryptoQuant Quicktake <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/66426ee5083e5300a60702c1-The-Battle-of-Giants-How-Binance-Sets-the-Pace-in-the-Cryptocurrency-Market-Whil\" target=\"_blank\" rel=\"noopener\">post<\/a>, an analyst discussed the dynamics in the cryptocurrency market that arise out of the battle happening between Binance and Coinbase for <a href=\"https:\/\/www.newsbtc.com\/binance\/binance-sets-new-record-spot-trading-volume-reaches-427-billion\/\" target=\"_blank\" rel=\"noopener\">spot volume<\/a> dominance.<\/p>\n<p>The quant shared a chart below that shows how this war for dominance has played out over the past decade.<\/p>\n<p>As the graph shows, Binance has been the much more dominant of the two platforms when considering the spot volume. The exchange is hosting five times as much volume as Coinbase.<\/p>\n<p>The analyst notes that the difference between the two would be even higher when considering the BTC-FDUSD pair, which isn\u2019t included in the data depicted in the above chart.<\/p>\n<p>Despite the much lower spot volume, Coinbase still hasn\u2019t been irrelevant in the market. For example, the platform is the custodian for Bitcoin <a href=\"https:\/\/www.newsbtc.com\/news\/is-the-crypto-winter-thawing-us-bitcoin-etfs-record-first-inflows-in-weeks-coinshares\/\" target=\"_blank\" rel=\"noopener\">spot exchange-traded funds (ETFs)<\/a> like BlackRock\u2019s IBIT and Grayscale\u2019s GBTC.<\/p>\n<p>There also appears to be an interesting pattern between the dominance of the American exchange and the Bitcoin spot price. The quant has highlighted this trend in the graph.<\/p>\n<p>There have been a few instances where a rise in the spot trading volume of Coinbase against Binance has preceded surges in the value of cryptocurrency. Similarly, declines in the platform\u2019s dominance have seemingly led to drawdowns in the Bitcoin price.<\/p>\n<p>The analyst has also discussed the trend in the volumes of the two exchanges more closely, using the spot volume ratio for them, as shown below.<\/p>\n<p>The chart shows that the spot volume ratio between Binance and Coinbase had spiked to very high levels in 2023, with the former\u2019s volume being 53 times the latter\u2019s. The reason behind this was the <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/binance-zero-fee-bitcoin-ethereum\/\" target=\"_blank\" rel=\"noopener\">zero-fee scheme<\/a> that Binance had introduced for the Bitcoin trading pairs.<\/p>\n<p>However, Coinbase\u2019s volume has recently risen, although the ratio remains notably in favor of Binance. This shift in the market emerged as the Bitcoin spot ETF-related news started to intensify.<\/p>\n<p>The quant concludes:<\/p>\n<p>The dynamics between these exchanges are complex, but the graphs show that each exchange\u2019s dominance at specific times has a direct impact on the price of Bitcoin. It\u2019s a true battle between the market\u2019s biggest players, where competition is constant, and the outcome is reflected in cryptocurrency movements.<\/p>\n<h2>BTC Price<\/h2>\n<p>At the time of writing, Bitcoin is trading at around $61,800, down 3% over the past week.<\/p>","protected":false},"excerpt":{"rendered":"<p>A quant has explained how there appears to be a relationship between Coinbase\u2019s spot volume dominance vs. Binance\u2019s and the Bitcoin price. Bitcoin Has Been Reacting To Binance\/Coinbase Volume Changes In a CryptoQuant Quicktake post, an analyst discussed the dynamics in the cryptocurrency market that arise out of the battle happening between Binance and Coinbase [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":1602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[152,51,153],"class_list":["post-1601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds","tag-binancevscoinbase","tag-bitcoinprice","tag-quantanalysis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bitcoin Price Linked To Binance Vs Coinbase Battle, Quant Reveals - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/el\/bitcoin-price-linked-to-binance-vs-coinbase-battle-quant-reveals\/\" \/>\n<meta property=\"og:locale\" content=\"el_GR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Linked To Binance Vs Coinbase Battle, Quant Reveals - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"A quant has explained how there appears to be a relationship between Coinbase\u2019s spot volume dominance vs. Binance\u2019s and the Bitcoin price. 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