Binance's Bitcoin (BTC) reserves have climbed sharply in recent months, reaching a two-year high and raising questions about whether some of the coins could eventually add selling pressure to the market.
In a detailed tweet Thursday, CryptoQuant analyst Darkfost said Binance now holds more than 693,000 BTC, accounting for roughly 30% of the Bitcoin reserves held by major cryptocurrency exchanges. The exchange's holdings have increased by about 77,000 BTC since late April.
The rise comes as investors have moved more Bitcoin onto Binance, the analyst said, with the exchange's deep liquidity making it a major destination for large market flows.
“Binance's BTC reserves have just hit a new record, reaching their highest level in two years. Today, Binance holds more than 693 000 Bitcoin, representing roughly 30% of all Bitcoin held in the reserves of major exchanges,†Darkfost wrote.
“Between late April and today alone, Binance's BTC reserves grew by 77 000 Bitcoin, a far-from-negligible increase over such a short period.â€



 
According to the analyst, part of the increase could be linked to traders moving Bitcoin to exchanges during market rallies to sell. However, he also pointed to other possible factors, including Binance's Secure Asset Fund for Users (SAFU), which involved plans to acquire additional Bitcoin.
Notably, security concerns may have contributed to exchange inflows as well. Darkfost suggested some holders may have moved assets to third-party platforms following the ColdCard incident.
Binance's reserves rose as Bitcoin faces a key resistance area. Glassnode analysts identified the $83,000 to $86,000 region as an important barrier, with approximately 1.07 million BTC purchased by long-term holders in that range.
As per the firm, a sustained move back into those levels could give some investors an opportunity to exit around their break-even prices, potentially creating additional supply. US spot Bitcoin ETFs also have estimated break-even levels around $86,000.
However, the data does not indicate that long-term holders are preparing for widespread selling. Glassnode indicated that long-term investors accounted for 47% of realized profits, down from 88% at the August peak.
Liquidity is another factor investors are watching. Darkfost said Binance's stablecoin reserves, which previously exceeded $50 billion, have declined by almost $7 billion. Although reserves recovered by $1.6 billion over the past month, the three-month change remained negative.
US spot Bitcoin ETFs also recorded combined outflows of $166.8 million across September 8 and September 9, adding to questions about the strength of fresh demand.
The analyst said a decisive move above $80,000 could help restore liquidity and improve the market's momentum.
“A confident breakout of $80,000 should be the key to a full and sustainable return of liquidity,†he added.
That said, Binance's growing Bitcoin balance sends mixed signals. The reserves show substantial coins sitting on a highly liquid exchange, but their presence alone does not confirm that holders intend to sell.
At press time, Bitcoin was trading at $76,992, down 1.4% over 24 hours.
