Bitcoin balances on Binance have climbed to their highest level since late 2024, reflecting a sharp increase in coins held on the exchange.
Figures from CryptoQuant show that Binance’s bitcoin reserves rose to 676,834.84 BTC on Sunday, valued at roughly $44.53 billion. The total was last seen in November 2024 and represents a 9.3% rebound from the multi-month low of 618,782 BTC recorded that month. CoinDesk has reached out to Binance for comment.
Rising exchange balances are often interpreted as a sign that investors may be preparing to sell or deploy bitcoin as collateral in derivatives trading. Both scenarios can increase short-term volatility, particularly if large transfers hit order books during thin liquidity periods.
The recent spike appears linked in part to activity from a prominent whale. Blockchain analytics firm Arkham said Sunday that a large holder — possibly Garret Jin — transferred approximately $760 million worth of bitcoin to Binance. The entity is believed to operate via Hyperliquid’s cross-chain tokenization and bridging infrastructure, Hyperunit. The transfer followed a move of roughly $500 million in ether to Binance about six days earlier.
It remains unclear whether the whale has sold the bitcoin. However, the inflows coincided with a price drop during Asian trading hours early Monday, when BTC fell from $67,600 to $64,400. The cryptocurrency later stabilized, trading around $65,850 at the time of writing.
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