Bitcoin Struggles Above $77,000 as Exchange Reserves Weigh on Sentiment

Bitcoin's price struggles to gain momentum as it trades above $77,000. The cryptocurrency is facing pressure from rising exchange reserves, particularly on Binance, which have reached their highest level in two years. According to Darkfost, a on-chain analyst, 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.

Despite this, signs of growing institutional demand offer a more positive counterpoint. A poll conducted during a Bitwise presentation to 400 wealth managers found that 60% planned to allocate to crypto within the next year. The same proportion expected crypto prices to rise by year-end, despite 67% of those polled currently having no crypto allocation.

Additionally, research from Bitwise and VettaFi found that 32% of financial advisers allocated to crypto in client accounts during 2025, up from 22% a year earlier. Access is also broadening, with 42% of advisers able to purchase crypto for clients, compared with 35% previously.

Former Ripple chief technology officer David Schwartz believes that XRP could eventually overtake Bitcoin by market capitalization if XRP grows faster as part of a broader expansion in digital assets. However, at current valuations, such a shift remains distant, with XRP's market capitalization standing around $85 billion against Bitcoin's $1.55 trillion.