Binance Reserves Hit Record 693k BTC Amid Bitcoin's Struggle

Binance's bitcoin reserves have surpassed 693,000 BTC, marking their highest level in two years. This significant increase represents about 30% of the total bitcoin reserves held across major exchanges.

The buildup of Binance's reserves comes as Bitcoin struggles to break through the $83K-$85K supply wall. According to Glassnode, this zone is a dense concentration of long-term holder supply that could lead to further selling pressure if broken.

While some investors may have transferred their bitcoin to Binance during recent price rallies, exchange reserves should not be treated as a pure sell signal. Instead, the increased liquidity on Binance could indicate a higher risk of selling pressure in the short term.