🔥 Bitcoin Reserve on Binance Hits Its Lowest Since Jan. 2024
posted 15 hr ago
According to on-chain data analytics from CryptoQuant, Bitcoin reserves on Binance hit their lowest level since the start of the year.
On December 17, the exchange held around 565,000 Bitcoins.
Based on the chart, Bitcoin reserves began to decline in August, when Binance’s BTC reserves were around 634,000 coins.
Bitcoin Price and Reserves on Binance in 2024. Source: cryptoquant.com. The black line represents the price, while the purple line shows Binance's reserves.
Among the things you'll notice looking at the chart is that the decline in Binance’s Bitcoin reserves aligns with the coin’s price increase.
CryptoQuant technical analyst Darkfost pointed out in an X post that when reserves declined in January, it was after Bitcoin’s 90% rally.
The new low level coincides with Bitcoin hitting a new all-time high of over $108,000.
What does this mean?
According to Darkfost, the declining BTC levels indicate that investors are optimistic about its long-term rally, moving their holdings into cold wallets. This shows that holders don’t plan to sell their coins in the short term.
While there’s potential for positive momentum for Bitcoin to continue, Binance has introduced rewards programs for new users.
By joining the exchange, users can receive a $100 trading fee credit by following these steps:
- Open an account
- Deposit more than $50 within 14 days after registration
- Receive the reward
Note that you’ll need to complete KYC verification and that trading cryptocurrencies involves financial risks.
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