693,000 BTC Are Now Held on Binance

Bitcoin: Binance Now Holds 693,000 BTC, the Most in Two Years

12h05 ▪3min read ▪ byFenelon L.
Getting informed▪Bitcoin (BTC)Summarize this article with:

Binance now holds more than 693,000 bitcoins, a level unseen in two years. Since the end of April, its balance has increased by 77,000 BTC, while bitcoin struggles to stay above 80,000 dollars. On the world’s largest crypto platform, these reserves remain potentially available for sale.

In Brief

• Binance holds more than 693,000 BTC, about 30% of bitcoins held on major platforms, according to CryptoQuant.
• Several factors can explain this increase, including potential sales, the SAFU fund, and a search for security after the Coldcard incident.
• Glassnode does not yet observe major selling pressure. The 83,000 to 86,000 dollar range will be especially monitored.

Binance Reaches a Two-Year High

Data published Thursday by CryptoQuant shows that Binance’s reserves now exceed 693,000 BTC. They represent about 30% of bitcoins held on major crypto platforms, after a 77,000 BTC increase since the end of April.

This increase comes after a particularly active August. Binance then recorded15.7 billion dollars in net inflows, a record

“A new record, the highest in two years“, writes analyst Darkfost. For him, this increase deserves close monitoring.

Why? Bitcoins deposited on an exchange are, by definition, more easily mobilizable for sale. At around 77,300 dollars on September 12, the 693,000 BTC on Binance represent nearly 53.6 billion dollars, or about 3.4% of the circulating supply.

Should This Really Be Seen as a Bearish Signal?

However, the increase in reserves does not mean that all these bitcoins are intended to be sold. Darkfost suggests several explanations.

Some holders may simply have transferred their BTC to Binance with the idea of taking advantage of a possible rise to sell. Binance’s SAFU fund could also explain part of the movements, even if their magnitude remains difficult to determine.

The issue of security also comes into play. After the Coldcard hack in August, some investors might have reconsidered how they store their bitcoins. Recognized platforms can thus recover part of the capital that was on third-party solutions.

For now, Glassnode does not confirm the arrival of a selling wave. Long-term holders no longer represent more than 47% of profits realized, compared to 88% at August’s peak.

The 83,000 to 86,000 dollar zone could therefore become the real test. Glassnode estimates that about 1.07 million BTC were acquired by long-term investors in this zone. As long as bitcoin remains below this level, pressure remains difficult to evaluate.

The market will also watch the flows of U.S. spot ETFs and liquidity evolution. On September 8 and 9, these ETFs recorded 166.8 million dollars in net outflows.

For now, Binance’s reserves are more a signal to watch than proof of imminent sales. The behavior of bitcoin around 80,000 dollars will likely provide more clues on what comes next.

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Fenelon L.

Passionné par le Bitcoin, j’aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l’outil qui peut rendre cela possible.

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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