Binance Holds 690K BTC as Price Rises 30% Above 2024 Peak

Binance's Bitcoin (BTC) holdings have approached approximately 690,000 coins, nearing the 2024 peak, though Bitcoin's price now stands about 30% higher than during that time. Amr Taha of CryptoQuant noted that Binance's major asset holdings and price movements are diverging ahead of the Federal Open Market Committee (FOMC) meeting scheduled for August 15-16.

Binance's BTC holdings rose to about 690,000 on August 13, up approximately 3% from the February high but slightly below the 2024 August record of around 704,000. This aligns with previous reporting showing Binance surpassing 693,000 BTC in holdings, though the current data point and figures differ from earlier reports.

Price movements contrasted with holdings: when Bitcoin traded at roughly $59,000 in August 2024 during a holding of about 704,000 BTC, it has since risen to approximately $76,800 as of August 14, a gain of around 30% compared to that prior period. While increased exchange holdings may indicate more tradable supply, Taha cautioned against using this metric alone to predict price direction, emphasizing the need to consider both price and liquidity.

For Ethereum (ETH), the divergence was even starker: Binance's ETH holdings remain at approximately 3.616 million coins, nearly unchanged from June 9, while ETH prices rose from about $1,625 to $2,500 during that period—a gain of roughly 54%. Stablecoin holdings also remained high: Binance held nearly $38 billion in Tether (USDT), equivalent to approximately ¥5.1 trillion, and increased USDC holdings from $4.11 billion on August 5 to about $5.2 billion, a rise of roughly 26.5%.

The combined stablecoin holdings exceed $43 billion ($58 trillion), illustrating the complex interplay between exchange reserves and market dynamics. The analysis underscores that exchange holding levels should not be interpreted as a single-direction signal for price movement, especially with divergent trends observed ahead of the FOMC meeting.