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BTC Binance's bitcoin reserves rose to a two-year high, and market selling pressure expectations attracted attention.
Recently, Binance's bitcoin (BTC) reserves have climbed significantly, reaching a two-year high. This trend has raised questions in the market as to whether some tokens will eventually increase market selling pressure.
Darkfost, an analyst at CryptoQuant, a cryptographic data analysis platform, pointed out in a detailed report released on Thursday that Binance currently holds more than 693,000 bitcoins, accounting for approximately 30% of the total bitcoin reserves held by major cryptocurrency exchanges. Since late April, the exchange's positions have increased by approximately 77,000 BTC.
Analysts said Binance's BTC reserves have grown as investors transfer more bitcoin to Binance and the platform's deep liquidity makes it a major destination for large capital flows. Darkfost wrote: "Binance's BTC reserves have just hit a new high, reaching their highest level in two years. Today, Binance holds more than 693,000 bitcoins, accounting for approximately 30% of all bitcoins in major exchange reserves."
"Between late April and today alone, Binance's BTC reserves have increased by 77,000 bitcoins. In such a short period of time, this increase is by no means insignificant."
Multiple factors behind reserve growth
According to analysts, some of the growth may be related to traders moving bitcoin to exchanges for sale during the market rebound. However, he also pointed to other possible factors, including Binance's User Security Asset Fund (SAFU), which is involved in plans to acquire additional bitcoins.
It is worth noting that security issues may also have contributed to the inflow of funds to exchanges. Darkfost suggested that some holders may have transferred assets to third-party platforms after the ColdCard incident.
Key Resistance Levels and Long-Term Holders 'Behavior
As Bitcoin faces key resistance areas, Binance's reserves rise. Glassnode analysts identified the range of $83,000 to $86,000 as an important barrier, with approximately 1.07 million BTC purchased by long-term holders within the above range.
The company pointed out that if prices continue to rise to these levels, it may provide some investors with the opportunity to exit near the break-even point, potentially increasing market supply. The estimated break-even point of the U.S. spot Bitcoin ETF is also around $86,000.
However, the data does not show that long-term holders are preparing for a large sell-off. Glassnode pointed out that long-term investors accounted for 47% of realized profits, down from a peak of 88% in August.
Liquidity concerns and market signals
Liquidity is another factor that investors are concerned about. Darkfost said Binance's previous stablecoin reserves of more than $50 billion have dropped by nearly $7 billion. Although reserves recovered by $1.6 billion in the past month, the change over the three-month period remains negative.
In addition, the U.S. spot Bitcoin ETF recorded a total outflow of US$166.8 million between September 8 and September 9, which further exacerbated market doubts about the strength of new demand.
Analysts said a key trend exceeding $80,000 would help restore liquidity and improve market momentum. "A breakthrough in confidence in $80,000 should be the key to a full return to liquidity and sustainability." He added.
Still, Binance's growing bitcoin balance sends mixed signals. Reserve data shows that a large number of tokens are held on highly liquid exchanges, but their existence in and of itself does not confirm that the holder intends to sell.
As of press time, Bitcoin was trading at US$76,992, down 1.4% in 24 hours.
