Bitcoin reserves tied to Binance have risen to 676,834 BTC, the highest level since November 2024. Data from Coinglass values that stash at about $44.5 billion. With Bitcoin trading in a weak range, the increase in exchange-held supply has revived concerns over near-term volatility and possible sell-side pressure.
Reserves are up about 9.3% from the previous low
As of Sunday, wallets associated with Binance held 676,834 BTC, compared with a multi-month low of 618,782 BTC in November 2024. That represents an increase of roughly 9.3%. In market practice, transfers from cold wallets or private wallets to exchanges are often read in two ways: preparation for spot selling, or collateral placement for derivatives trading. Either way, rising exchange balances tend to draw attention during fragile price action.
That does not automatically mean coins are about to be sold. Still, when balances expand on a major venue, traders usually treat the move as a warning sign and watch for follow-up flows.
Arkham flags repeated deposits from Garrett Jin
Blockchain intelligence firm Arkham said the whale described as “Bitcoin OG insider whale” Garrett Jin sent about $760 million in Bitcoin to Binance over the weekend. About six days earlier, the same whale had also moved $500 million worth of Ether to Binance.
Those back-to-back large transfers are being seen as a major driver behind the jump in Binance’s reserves. Activity from a single whale wallet can shift market sentiment quickly, especially if exchange inflows are later followed by visible spot selling.
Bitcoin briefly fell to $64,280
While funds were moving onto exchanges, Bitcoin dropped from $67,600 to $64,280 on Monday before recovering modestly and trading around $66,200. The price swing and the rise in exchange reserves appeared at the same time, putting more focus on what happens next on-chain.
The next signal the market is waiting for is not the transfer itself, but whether these holdings show clear signs of being sold. If actual selling follows, short-term prices could face pressure. If the coins are being used for margin allocation or internal capital management, the real selling pressure may be lower than current market fears suggest.