Bitcoin reserves held in wallets linked to Binance have risen to their highest level since November 2024, pointing to a notable uptick in exchange inflows.
Data from CryptoQuant shows Binance’s bitcoin balance climbed to 676,834.84 BTC on Sunday, valued at approximately $44.53 billion. That marks a 9.3% increase from the multi-month low of 618,782 BTC recorded in November. CoinDesk has contacted Binance for comment.
Growing exchange balances are typically viewed as a sign that investors may be preparing to sell or use their holdings as collateral in derivatives markets. Both developments can amplify short-term price volatility.
Part of the recent surge appears tied to a major whale transaction. Blockchain analytics firm Arkham reported that a large holder — possibly Garret Jin — transferred around $760 million worth of bitcoin to Binance on Sunday. The wallet is believed to operate through Hyperliquid’s cross-chain tokenization and bridging infrastructure, Hyperunit. The transfer came roughly six days after the same entity moved about $500 million in ether to the exchange.
Whether the bitcoin has since been sold remains unclear. However, the inflow coincided with a price dip during early Asian trading on Monday, when BTC fell from $67,600 to $64,400. The asset has since recovered modestly, trading near $65,850 at the time of writing.
