Bitcoin Stalls Above $77K as Binance Reserves Weigh on Momentum
Bitcoin's momentum has stalled above $77,000 as exchange reserves have increased significantly on Binance. The world's largest cryptocurrency is quoted at $77,346.0 and is up 0.45% as of 05:59 ET (09:59 GMT), with a market capitalization of roughly $1.55 trillion.
The buildup of coins on Binance has raised concerns over potential selling pressure, even though the rise does not necessarily mean holders intend to sell. Binance's reserves have increased by roughly 77,000 BTC since late April and now account for about 30% of bitcoin held across major trading platforms, according to on-chain analyst Darkfost.
The elevated exchange reserves, combined with supply from existing holders, has kept pressure on Bitcoin after its recent gains. The supply picture comes as Bitcoin remains below a concentration of long-term holder supply around $83,000 to $85,000, according to Glassnode.