Binance Bitcoin Reserves Hit Two-Year Peak, Fueling Concerns of Selling Pressure
Binance's Bitcoin reserves have reached their highest level in two years, according to data from Darkfost. The exchange now holds approximately 693,000 BTC, accounting for around 30 percent of total reserves across major exchanges.
This surge represents a significant increase of 77,000 BTC since the end of April, with Darkfost identifying this level as the highest point for the 2024-2026 period.
The potential reasons behind this growth are multifaceted. Some investors may have moved their Bitcoin to exchanges for selling purposes following recent rallies in May and more recently. Additionally, Binance's planned $1 billion investment in its SAFU fund and the purchase of around 15,000 BTC could have influenced reserve movement.
Another possible explanation is that some investors transferred assets to exchanges for security reasons following the ColdCard incident. Darkfost notes that this sharp increase in reserves may create potential selling pressure in the market.