Bitcoin Reserves Surge on Major Exchange Amid Market Volatility

A major cryptocurrency exchange has seen its Bitcoin reserves surge to 693,000 BTC since late April, accounting for about 30% of major exchanges' total Bitcoin reserves. This significant increase in reserves is a notable development in the Bitcoin market.

The exchange's decision to allocate $1 billion to purchase around 15,000 BTC may have contributed to this substantial growth in reserves. Security factors related to the SAFU fund and the Coldcard incident are also being closely watched by investors as they consider their custody decisions.

Bitcoin currently trades below a dense long-term holder supply zone of $83,000 to $85,000, with a new accumulation support forming around $75,000. If this support is lost, the next level to watch would be $70,000.