Bitcoin (BTC) balances on Binance hit highest since November 2024: here's what it means
Bitcoin balances on Binance reached their highest level since November 2024, signaling potential selling pressure or derivatives use.Summary
Bitcoin holdings in wallets linked to the Binance exchange have surged to 676,834.84 BTC ($44.53 billion) as of Sunday, a peak not seen since November 2024, representing a 9.3% increase from a recent low. Rising balances on exchanges typically suggest investors intend to sell or use the coins as margin for derivatives trading, which can lead to price volatility. This recent spike was likely driven by a major whale, possibly associated with Hyperliquid's infrastructure, transferring approximately $760 million in BTC to Binance shortly after moving a significant amount of Ether. Although it is unconfirmed if the whale liquidated the assets, Bitcoin experienced a dip from $67,600 to $64,400 early Monday, before recovering slightly.
(Source：CoinDesk)