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BINANCE
🪙 According to CryptoQuant data, Binance’s Bitcoin reserves have reached their highest level in two years, at 693,000 BTC 💱. This represents around 30% of all Bitcoin held by major exchanges.
💸 The increase may be due to investors transferring BTC to exchanges to sell after the May rally and recent gains. Part of it could also be related to Binance’s SAFU fund, which reportedly plans to allocate $1 billion to purchase around 15,000 BTC. Following the Coldcard incident, some investors may also have moved BTC to exchanges for greater security.
📱 The sharp increase in Binance’s BTC balance could raise the risk of future selling pressure, as exchange inflows generally mean more BTC is available for sale. However, not all 693,000 BTC are necessarily ready to sell, as some represent regular user holdings and Binance’s own reserves.
🪙 According to CryptoQuant data, Binance’s Bitcoin reserves have reached their highest level in two years, at 693,000 BTC 💱. This represents around 30% of all Bitcoin held by major exchanges.
💸 The increase may be due to investors transferring BTC to exchanges to sell after the May rally and recent gains. Part of it could also be related to Binance’s SAFU fund, which reportedly plans to allocate $1 billion to purchase around 15,000 BTC. Following the Coldcard incident, some investors may also have moved BTC to exchanges for greater security.
📱 The sharp increase in Binance’s BTC balance could raise the risk of future selling pressure, as exchange inflows generally mean more BTC is available for sale. However, not all 693,000 BTC are necessarily ready to sell, as some represent regular user holdings and Binance’s own reserves.
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ETHEREUM
🪙 If Bitcoin drops as shown on the chart above, Ethereum is likely to drop with it as well. However, we have the interest rate decision tomorrow, so we should expect volatility in both directions.
#eth
🪙 If Bitcoin drops as shown on the chart above, Ethereum is likely to drop with it as well. However, we have the interest rate decision tomorrow, so we should expect volatility in both directions.
#eth
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