Binance's BTC Reserves Hit Two-Year High at 693,000 BTC

Binance's Bitcoin (BTC) reserves have surpassed 693,000 BTC, reaching a two-year high according to analysis by Cryptoscout contributor Darkfost. This represents roughly 30% of all BTC held by major cryptocurrency exchanges. Darkfost noted that Binance's BTC reserves have increased by approximately 77,000 BTC since late April. The rise may be linked to some investors moving BTC to exchanges ahead of price increases in May and recently, possibly for selling purposes. While a sharp increase in exchange-held BTC can create potential selling pressure on the market, Darkfost emphasized that movement to exchanges does not necessarily indicate actual selling, as it could include custody transfers or internal fund movements.