Since yesterday, Coinbase's reserves have increased by around 12,000 BTC, while Binance's have decreased by 5,000 BTC, the research firm wrote in a recent note.
"The decrease in Bitcoin reserves on Binance appears to be due to retail outflows," Bradley Park, a Web 3 analyst at CryptoQuant wrote to CoinDesk in a note.
"With this plea deal, the expectations for a spot Bitcoin ETF might have increased to 100% as the industry will be forced to follow the rules that TradFi firms must follow," crypto services provider Matrixport wrote.
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