In the ongoing battle of giants, Coinbase and Binance, each has its stronghold. Coinbase holds custody of major Bitcoin ETF funds like Grayscale (GBTC) and BlackRock (IBIT), while Binance dominates spot trading, with a volume five times larger than Coinbase's.

Interestingly, a surge in Bitcoin price often coincides with an increase in Coinbase's volume share relative to Binance's. Conversely, a decrease in its share often leads to a shift in trend and frequent price drops. This underlines the inverse dynamics of these two exchange giants and their influence over Bitcoin reserves.

In early 2023, Binance's volume was 53 times greater than Coinbase's, a significant moment when Binance offered zero fees on spot trades for the BTC-USDT pair. However, with the intensification of ETF news, Coinbase has begun to reclaim a larger market share.

The relationship between these exchanges is complex, but it's clear that their dominance at specific times directly impacts Bitcoin's price. This ongoing competition between the market's biggest players is constantly reflected in cryptocurrency movements.