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Binance sees Bitcoin balances reach peak levels not seen since November 2024: implications explained.
Bitcoin holdings in wallets associated with Binance have reached the highest level since late 2024.
Key points:
- Bitcoin reserves in wallets associated with Binance have increased to approximately 676,835 BTC, a figure last observed in November 2024 and reflecting a 9.3% increase from a recent low.
- Increasing balances on the exchange are interpreted as having bearish connotations.
- A prominent crypto whale is reported to have deposited around $760 million in bitcoin to Binance on Sunday, according to Arkham.
The amount of bitcoin held in wallets linked to Binance continues to grow, as reported by CryptoQuant.
The total reached 676,834.84 BTC ($44.53 billion) on Sunday, the highest since November 2024. This marks a 9.3% increase from the multi-month low of 618,782 recorded in November. CoinDesk has reached out to Binance for a statement.
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Increasing balances suggest a potential intention among investors to sell or utilize coins as margin in derivatives trading, often leading to heightened price volatility.
BTC balance on Binance. (CryptoQuant)
The surge over the weekend is likely attributable to a well-known whale transferring substantial amounts of BTC to Binance.
Blockchain analytics firm Arkham reported on Sunday that a crypto whale, potentially Garret Jin, utilizing Hyperliquid’s cross-chain asset tokenization and bridging system Hyperunit, moved $760 million in bitcoin to Binance. This significant transfer occurred approximately six days after the entity deposited half a billion dollars in ether to Binance.
It remains uncertain if the whale has liquidated any coins since then, though this possibility cannot be dismissed, as bitcoin prices dropped from $67,600 to $64,400 during the early Asian trading hours on Monday. Since that time, there has been a slight recovery to around $65,850.
