Bitcoin balances on Binance hit highest since November 2024: heres what it means

bitcoin $BTC$66,380 – how many bitcoins are there. CryptoQuant data from the cryptocurrency exchange Binance show that 86 held in wallets tied to the currency exchange binance continues to rise.

It reached 676,834 tally with . 84 $BTC ($444) . Level 53 billion) on Sunday (a level last seen in November 2024. It’s 9. In November, 3% rise from the multi-month low of 618,782 for January’s multiple- months. Binance was contacted by CoinDesk for comment on the .

This is a form of rising balances signal investor intent to sell or use coins as margin in derivatives trading, which usually leads to increased price volatility.

$BTC

balance on Binance. (CryptoQuant)

The weekend high likely stemmed from a renowned whale moving large amounts of $BTC to Binance.

The Bitcoin ‘crypto whale, possibly Garret Jin, who is working on Hyperliquid’s cross-chain asset tokenization and bridging infrastructure Hyperunit,’ transferred $760 million in bitcoin to Binance Sunday, according with blockchain intelligence firm Arkham. The big move comes about six days after the entity moved half a billion dollars of ether to Binance.

Although the whale has since minted coins, it is not clear whether this could be true; bitcoin fell from $67,600 to $64,400 during Asian hours early Monday. It’s since reverted slightly to trade about $65,850, or roughly $15,000850.

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