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24/02/26 04:02 UTC-04

Bitcoin balance on Binance reached its highest level since November 2024

According to CryptoQuant data, the number of bitcoins held in wallets associated with the cryptocurrency exchange Binance continues to grow.

On Sunday, the amount reached 676,834.84 $BTC ($44,530,000,000), matching the level last seen in November 2024. This is 9.3% higher than the multi-month low of 618,782 bitcoins recorded in November.

The increase in balance signals to investors a possible intention to sell the coins or use them as margin in derivatives trading, both of which typically lead to increased price turbulence.


$BTC balance on Binance. Source: CryptoQuant.

Most likely, the peak bitcoin level was driven by large transactions from a major player on Binance over the weekend.

On Sunday, blockchain analytics company Arkham reported that a major cryptocurrency market participant, possibly Garrett Jin, working with the Hyperunit infrastructure designed for asset tokenization across various blockchains, transferred $760,000,000 worth of bitcoin to Binance. This large transfer occurred about six days after the player moved $500,000,000 worth of Ethereum to Binance.

It is unclear whether the player has since liquidated the coins, but this possibility cannot be ruled out, as bitcoin fell from $67,600 to $64,400 during Asian trading hours on Monday morning. It has since partially recovered and is trading around $65,850.

See also: "Tensions Rise Around BNB: Binance’s Investment Arm Accuses Treasury Firm and Its Founder"

#Bitcoin (BTC) #Binance #Reserves

Editor: Pereyidenko Ihor
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