The number of bitcoins held in wallets linked to the cryptocurrency exchange Binance continues to rise, according to data from CryptoQuant.
The number rose to 676,834.84 BTC ($44.53 billion) on Sunday, a level last seen in November 2024. That marks a 9.3% increase from the multi-month low of 618,782 in November. CoinDesk contacted Binance for comment.
Rising balances signal the investor’s intent to sell or use coins as margin in derivatives trading, both of which typically lead to increased price turbulence.
This weekend’s high likely stems from a famous whale that moved large amounts of BTC to Binance.
Blockchain intelligence firm Arkham said on Sunday that a crypto whale, possibly Garret Jin, operating at Hyperliquid’s cross-chain asset tokenization and bridging Hyperunit, transferred $760 million in bitcoin to Binance. The big transfer happened about six days after the company moved half a billion dollars worth of ether to Binance.
It is unclear if the whale has since liquidated coins, but the possibility cannot be ruled out as bitcoin fell from $67,600 to $64,400 during Asian hours early Monday. Since then it has recovered slightly to trade around $65,850.
