Binance’s Bitcoin reserves have risen to approximately 693,000 BTC, reaching their highest level in two years and accounting for about 30% of the total BTC reserves held by major exchanges, according to an analysis by Darkfost, a CryptoQuant contributor.
According to Darkfost, Binance’s BTC reserves have increased by approximately 77,000 BTC since the end of April. He explained that some investors may have moved BTC to exchanges for the purpose of selling following the rise in Bitcoin’s price in May and more recently, which may have contributed to the increase in reserves.
A rapid increase in exchange BTC reserves can expand the amount available for immediate trading in the market, potentially acting as selling pressure.
However, Darkfost emphasized that not all BTC moved to exchanges was intended for sale. He added that reserves may also include assets moved for other purposes, such as custody and internal transfers within exchanges.