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

According to data from the on-chain analysis 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 is currently unclear whether the related assets have been sold, but the market experienced a pullback during Monday's Asian early trading session, with Bitcoin dropping from $67,600 to $64,400 before making a slight rebound to around $65,850.

Analysis points out that a rise in exchange Bitcoin balances 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 exacerbate price volatility. (CoinDesk)