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

According to data from the 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, reaching its highest level since November 2024. This represents an increase of about 9.3% from the multi-month low of 618,782 BTC seen in November last year. It is currently unclear whether these assets have been sold, but the market experienced a dip during Monday's early Asian trading hours, with Bitcoin falling from $67,600 to $64,400 before rebounding slightly to around $65,850.

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 increased price volatility. (CoinDesk)