Binance now holds more than 693,000 bitcoins, a level not seen in two years. Since the end of April, its balance has increased by 77,000 BTC, while bitcoin struggles to stay above $80,000. On the world’s leading crypto platform, these reserves remain potentially available for sale.
In brief
- Binance holds more than 693,000 BTC, or about 30% of the bitcoins held on major platforms, according to CryptoQuant.
- Several factors can explain this increase, including potential sales, the SAFU fund and the search for security after the Coldcard affair.
- Glassnode is not yet seeing major selling pressure. The $83,000 to $86,000 zone will be particularly monitored.
Binance Hits Two-Year High
Data released Thursday by CryptoQuant shows that Binance’s reserves now exceed 693,000 BTC. They represent around 30% of bitcoins held on the main crypto platforms, after an increase of 77,000 BTC since the end of April.
This increase comes after a particularly active month of August. Binance then recorded $15.7 billion in net inflows, a record according to Binance Research.
“ A new record, the highest in two years », writes analyst Darkfost. For him, this progression deserves to be followed closely.
For what ? Bitcoins deposited on an exchange are, by definition, more easily mobilized for a sale. At around $77,300 on September 12, the 693,000 BTC on Binance represents nearly $53.6 billion, or about 3.4% of the circulating supply.
Should we really see this as a bearish signal?
The increase in reserves does not mean that all these bitcoins are destined to be sold, however. Darkfost puts forward several explanations.
Some holders may simply have transferred their BTC to Binance with the idea of taking advantage of a possible increase to sell. Binance’s SAFU fund could also explain part of the movements, although their magnitude remains difficult to determine.
The question of security also comes into play. After the Coldcard hack in August, some investors were able to review the way they stored their bitcoins. Recognized platforms can thus recover part of the capital that was in third-party solutions.
For the moment, Glassnode does not confirm the arrival of a selling wave. Long-term holders now only represent 47% of the profits made, compared to 88% at the August peak.
The $83,000 to $86,000 area could therefore become the real test. Glassnode estimates that around 1.07 million BTC have been acquired by long-term investors in this area. As long as bitcoin remains below this level, the pressure remains difficult to assess.
The market will also monitor US spot ETF flows and liquidity developments. On September 8 and 9, these ETFs saw $166.8 million in net outflows.
For now, Binance’s reserves are more of a signal to watch than proof of impending sales. The behavior of bitcoin around $80,000 will likely give more clues about what happens next.
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