💰💰Did Coinbase Lead the Bitcoin Bull Run? These Data Say Otherwise 💰💰

One of the observers of blockchain analysis platform CryptoQuant stated that Coinbase's market dominance fell short of expectations in the recent rally.

After the approval of Bitcoin ETFs in January this year, Coinbase increased its activity in the spot market and led the rise in prices. However, it seems that Coinbase did not have as strong an impact as before in the second wave of the market.

Its share in the market began to decrease

According to the analyst, this situation was particularly noticeable just before the rally in September and October. It is stated that while Coinbase's dominance in the spot market decreased, the influence of other platforms such as Binance on the market increased. This change shows that the real driving force of the rally was not Coinbase, but the liquidity coming from platforms such as Binance.

Although the liquidity provided by Coinbase and Bitcoin ETFs play an important role, it is emphasized that Binance is increasingly becoming a critical liquidity provider. The large user base and deep liquidity offered by Binance stand out as one of the strongest factors behind this rising wave.

Such dynamic changes in the crypto market provide important clues for investors and analysts in understanding market trends. Binance's increasing influence may indicate the beginning of a new era in the crypto world.

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