Bitcoin balances on Binance hit highest since November 2024: here's what it means
TL;DR
Bitcoin balances on Binance have surged to 676,835 BTC, the highest since November 2024, up 9.3% from recent lows. This increase, driven by a whale transferring $760 million in BTC, signals potential bearish pressure as rising exchange balances often indicate selling intent.
What to know:
- Bitcoin holdings in wallets linked to Binance have climbed to about 676,835 BTC, a level last seen in November 2024 and up 9.3% from a recent low.
- Rising balances on the exchange are said to have bearish implications.
- A major crypto whale transferred about $760 million in bitcoin to Binance on Sunday, according to Arkham.
- Bitcoin holdings in wallets linked to Binance have climbed to about 676,835 BTC, a level last seen in November 2024 and up 9.3% from a recent low.
- Rising balances on the exchange are said to have bearish implications.
- A major crypto whale transferred about $760 million in bitcoin to Binance on Sunday, according to Arkham.
The number of bitcoin BTC$66,388.73 held in wallets tied to the cryptocurrency exchange Binance continues to rise, according to data from CryptoQuant.
The tally rose to 676,834.84 BTC ($44.53 billion) on Sunday, a level last seen in November 2024. That marks a 9.3% rise from the multi-month low of 618,782 in November. CoinDesk reached out to Binance for comment.
Rising balances signal investor intent to sell or use coins as margin in derivatives trading, with both typically leading to increased price turbulence.
The weekend high likely stemmed from a renowned whale moving large amounts of BTC to Binance.
Blockchain intelligence firm Arkham said Sunday that a crypto whale, possibly Garret Jin, operating on Hyperliquid's cross-chain asset tokenization and bridging infrastructure Hyperunit, transferred $760 million in bitcoin to Binance. The large transfer happened roughly six days after the entity moved half a billion dollars of ether to Binance.
It is unclear whether the whale has since liquidated coins, but the possibility cannot be ruled out, as bitcoin fell from $67,600 to $64,400 during Asian hours early Monday. Since then, it has recovered slightly to trade around $65,850.
- Ricardo Salinas urged his followers to buy bitcoin as protection against inflation and control.
- Salinas said he has 70% of hits liquid assets in bitcoin during an interview last year, up from 10% in 2020.
- The Mexican crypto advocate has said he views fiat currency as fraudulent and positions bitcoin as the primary means of preserving purchasing power.
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