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Bitcoin traders often treat old-coin movement as a sign that long-term holders are waking up. Coinbase’s $69.5 billion BTC migration suggests that signal may be less reliable than it looks.
The amount of Bitcoin held by Binance and Coinbase has been following a falling trend since the beginning of the year. In May, Binance's Bitcoin holdings started to spike while Coinbase's kept falling.
The rating agency said that "weak earnings" and competitive pressure on Coinbase have weakened its coverage ratios.
Coinbase is a publicly listed digital asset platform that operates one of the largest regulated crypto exchanges in the United States.
