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Crypto

Binance Grabs 693K BTC, Heightening Selling Pressure Risks

Guavy AI Editorial Team
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Binance's Bitcoin reserves have reached an impressive milestone of 693,000 BTC, marking a two-year high and accounting for approximately 30% of all Bitcoin held by major exchanges. According to Darkfost, this surge represents a significant increase of 77,000 BTC since late April.

The rise in Binance's reserves may be attributed to investors moving their Bitcoin to the exchange with the intention of selling after recent rallies. Additionally, SAFU's plan to invest $1 billion in Bitcoin could also contribute to the increasing demand and subsequent accumulation on exchanges.

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