What to know:
- Binance Bitcoin reserves hit 667,500 BTC, up 51,500 BTC from April’s 616,000 BTC level.
- Reserve growth can reflect custody changes or internal transfers, not investor selling.
- The Binance-linked wallet logged 6,494 BTC and sent 23 of 25 transfers to one address.
Binance Bitcoin reserves climbed to about 667,500 BTC, their highest level since February, according to CryptoQuant. The increase came as Bitcoin traded near $64,000 and traders monitored exchange balances for changes in available supply.
CryptoQuant data placed the exchange balance near 616,000 BTC in April. It has since increased by roughly 51,500 BTC. The latest figure follows several months of sharp changes in the amount held on the platform.
What Rising Binance Bitcoin Reserves Mean
Binance Bitcoin reserves reached a six-month high of about 667,500 BTC. CryptoQuant’s metric tracks BTC held in addresses identified as Binance-controlled. It does not show how much of that balance appeared in active sell orders.
Also Read: Binance. US Targets CFTC License for Prediction Market Push
According to the on-chain analyst, the growth in centralized exchange reserves means more supply for trading. Selling activity can be higher when people move coins and place sell orders.
However, higher Binance Bitcoin reserves do not prove that investors plan to sell. Liquidity transfers, custody changes, and internal exchange operations can also increase the balance.
According to the analyst, the situation will be stronger if reserves continue to grow but Bitcoin falls. The other signal is the increased inflow of deposits during this time period.
On Tuesday, Bitcoin fell under $64,000 and down by 0.78% over the past day. However, people were waiting for the next US CPI report.
Who Controls the Binance-Linked Bitcoin Wallet
Binance Bitcoin reserves data provide information about the platform’s total balance. On the other hand, Lookonchain collected statistics about transactions made from one certain address. The two sets of data represent the exchange operations in different ways.
According to Lookonchain, the address received 6,494.34685667 BTC from 45 deposits from July 19 to Aug. 8. At that moment, the balance was estimated at approximately $423 million.
Then, the funds left the account in 25 outgoing transactions. In 23 cases, the money was transferred to one particular address. This address was recognized by Binance’s Proof of Reserves report of 2022 and by US court documents as belonging to Binance.
No sources prove the continued control over this address by the exchange. Moreover, the transaction history shows no indication of any preparations for selling the assets. Ownership of the wallet and the purpose of the transactions are unclear.
Also Read: Solana Price Holds $74.50 as $38M Whale Long Emerges
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Be the first to comment