Bitcoin holdings in wallets connected to Binance have climbed to their highest level since November 2024, reflecting a fresh wave of inflows to the world’s largest crypto trading platform.
According to on-chain data from CryptoQuant, Binance’s BTC reserves rose to 676,834.84 coins on Sunday, valued at roughly $44.53 billion. The total was last recorded at similar levels in late 2024 and marks a 9.3% increase from the November low of 618,782 BTC. CoinDesk has contacted Binance for comment.
Rising exchange balances are typically viewed as a potential precursor to selling pressure, as investors often move coins onto trading platforms to liquidate holdings or deploy them as margin in derivatives markets. Both uses can contribute to increased volatility.
Part of the recent spike appears tied to large-scale whale activity. Blockchain intelligence firm Arkham reported that a major holder — possibly Garret Jin — transferred approximately $760 million worth of bitcoin to Binance on Sunday. The wallet is believed to operate through Hyperliquid’s cross-chain asset tokenization and bridging system, Hyperunit. The transfer followed a previous move of around $500 million in ether to Binance roughly six days earlier.
It is not yet clear whether the newly transferred bitcoin has been sold. However, the timing overlapped with a sharp drop during Asian trading hours early Monday, when BTC slid from $67,600 to $64,400. The asset has since staged a partial recovery, trading near $65,850 at the time of writing.
