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Binance’s Bitcoin reserves have surpassed 693,000 BTC, reaching their highest level in two years and accounting for about 30% of total BTC reserves held by major crypto exchanges, according to a CryptoQuant analysis by contributor Darkfost.
Darkfost said Binance’s BTC reserves have increased by about 77,000 BTC since late April. After price gains in May and more recently, some investors may have moved BTC to exchanges with the intention of selling, which may have contributed to the increase in reserves, Darkfost said. Darkfost added a sharp rise in exchange BTC reserves can act as potential selling pressure on the market, although BTC transfers to exchanges do not necessarily indicate actual selling and may also reflect custody needs or internal fund movements.