Binance's Bitcoin Reserves Hit a Two-Year High. Santiment Says Exchange Balances Told You Nothing All Summer.

Binance just hit a two-year high in Bitcoin reserves, which sounds alarming until you look at what exchange balances actually predicted about price all summer long.

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Binance’s Bitcoin (CRYPTO:BTC) reserves have climbed to their highest level in two years, a move that might normally be read as a warning for BTC. More Bitcoin sitting on an exchange can suggest investors are preparing to sell, but Santiment argues that exchange balances offered little useful direction throughout the summer. 

We look at why Binance’s holdings have risen, what Santiment found in exchange data over the summer, and whether the latest move points to selling pressure or something else.

Why did Binance’s Bitcoin Reserves Hit a Two-year High?

Binance’s Bitcoin balance rose by about 77,000 BTC since late April, pushing its total reserves above 693,000 BTC. Darkfost’s data, cited by WuBlockchain, puts Binance’s holdings at their highest level in two years and roughly 30% of the Bitcoin held across major exchanges.

The increase began after Binance’s SAFU fund announced plans to acquire around 15,000 BTC as part of a $1 billion allocation, with those purchases going directly into Binance’s holdings. At the same time, some Bitcoin holders moved coins from self-custody devices to exchange wallets for security after the ColdCard hardware wallet incident. That shift can increase an exchange’s reported reserves without showing that those holders intend to sell.