Binance BTC Reserves Drop as Unrealized Gains Reach All-Time High
Main Idea
Bitcoin reserves on exchanges have declined since September 2024, while exchange activity and trading volumes surged as BTC reached a new all-time high, with experts noting potential near-term volatility due to profit-taking by long-term holders.
Key Points
1. Bitcoin reserves on exchanges dropped from approximately 631,000 BTC to 574,000 BTC since September 2024.
2. Binance holds about 16,000 BTC in custodial wallets to back its BTCB.
3. Spot trading volumes on centralized platforms rebounded, and futures turnover and open interest climbed as BTC hit a new all-time high.
4. Binance captured a 52% market share on July 18, with other platforms like Crypto.com, Coinbase, Bybit, and OKX also registering high spot trading volumes.
5. Experts suggest Bitcoin may face near-term volatility as long-term holders begin selling for the first time since early 2024.
Description
Binance’s unrealized profit on its Bitcoin reserves has reached an all-time high of around 60,000 BTC. The latest data revealed that Binance’s BTC reserves have been on a steady decline since September 2024, from approximately 631,000 BTC to 574,000 BTC, even as the crypto exchange’s unrealized gains on these holdings continue to climb. Bitcoin Reserves Down, Profits Up The reserves, which are primarily used to support Binance’s operational liquidity and BNB Chain operations, have benefited from...
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