Binance’s Bitcoin Reserves Hit a Two-Year High at 693k BTC, Accounting for 30% of Major Exchange...

Binance’s Bitcoin Reserves Hit a Two-Year High at 693k BTC, Accounting for 30% of Major Exchange ReservesAccording to Darkfost, Binance’s BTC reserves have risen to more than 693k BTC, accounting for around 30% of the total BTC reserves held by major exchanges. The reserves have increased by 77k BTC since late April.The increase may be related to investors moving BTC to exchanges to sell after the rallies in May and recently. It may also have been influenced by the SAFU fund’s plan to invest $1 billion to acquire around 15k BTC, as well as some investors transferring BTC to exchanges for asset security following the ColdCard incident. The sharp rise in reserves could create potential selling pressure on the market.

Source: Wu Blockchain