Binance Platform Bitcoin Balance Rises to 676,834.84 BTC, Reaching a New High Since November 2024

BlockBeats News, February 23, According to CoinDesk, on-chain analytics platform CryptoQuant data shows that theBitcoin balance of wallets associated with the Binance platform rose to 676,834.84 BTC (about $44.53 billion) last Sunday, reaching the highest level since November 2024, an increase of about 9.3% from the multi-month low of 618,782 BTC in November last year.

An increase in the Bitcoin balance on an exchange platform is usually seen as a potential selling pressure signal, indicating that investors may be preparing to sell assets or use them as collateral for derivatives trading, both of which typically exacerbate price volatility.