Analysis: Binance's BTC Deposit Balance Reaches Highest Level Since November 2024, Possibly Signaling Potential Selling Pressure

Odaily News According to data from on-chain analytics platform CryptoQuant, the Bitcoin balance associated with Binance exchange wallets rose to 676,834.84 BTC (approximately $44.53 billion) last Sunday, marking the highest level since November 2024. This represents an increase of about 9.3% from the multi-month low of 618,782 BTC recorded in November last year. It remains unclear whether these assets have been sold, but the market experienced a dip during Monday's Asian morning session, with Bitcoin falling from $67,600 to $64,400 before making a slight recovery to around $65,850.

The analysis points out that an increase in Bitcoin balances on exchanges is typically viewed as a signal of potential selling pressure, indicating that investors may be preparing to sell assets or use them as margin for derivative trading. Both scenarios usually contribute to heightened price volatility. (CoinDesk)