Bitcoin Struggles Above $77,000 Amid Rising Exchange Reserves

Bitcoin's price remains above $77,000 as it struggles to regain momentum. The cryptocurrency has been affected by a sharp buildup of coins on Binance, with reserves reaching over 693,000 BTC, their highest level in two years.

The exchange'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. On-chain analyst Darkfost notes that the rise in exchange balances can increase the amount of bitcoin readily available for sale.

However, not all investors are bearish on Bitcoin's prospects. A poll conducted during a Bitwise presentation to 400 wealth managers found that 60% planned to allocate to crypto within the next year and expected prices to rise by year-end.

Institutional appetite has also shown similar momentum. A Coinbase and EY-Parthenon survey of 351 institutional investors found 73% planned to increase crypto allocations in 2026, with regulated products remaining the preferred route for many investors.