Binance BTC Reserves Hit 676,834 BTC After $760M Whale Deposit
Binance-linked wallets now hold an estimated 676,834.84 BTC — the highest level since November 2024 — after a roughly $760 million bitcoin transfer identified on-chain over the weekend. CryptoQuant reported the exchange balance rose about 9.3% from November’s low of 618,782 BTC, valuing Binance’s on-exchange BTC at roughly $44.5 billion. Blockchain intelligence firms linked the deposit to a large cluster using HyperUnit/Hyperliquid bridges and suggested a possible association with an individual named Garrett Jin, though attribution remains unconfirmed. The same cluster moved about $500 million in ether to Binance roughly six days earlier. The inflows coincided with intraday volatility in Asian trading hours: BTC dropped from about $67,600 to $64,400 before partially recovering to ~ $65,850. Trading takeaways: substantial inflows to Binance increase on-exchange supply and potential near-term selling pressure or use as derivatives margin; correlated large-address BTC and ETH moves raise short-term liquidation or reallocation risk. Traders should monitor on-chain flows, Binance order-book depth, spot liquidity, and derivatives funding rates to anticipate price moves and manage risk.
Bearish
The net effect of a large BTC inflow to Binance is increased on-exchange supply, which historically raises short-term selling pressure and can depress prices. The reported $760M BTC deposit — following a ~$500M ETH transfer from the same cluster — signals concentrated movement by a large holder that may be reallocating or preparing liquidity for selling or margin needs. These actions coincided with intraday volatility (a drop from ~$67,600 to ~$64,400), indicating immediate price sensitivity. Short-term market impact is likely bearish because: 1) higher exchange balances increase available supply for market sell orders; 2) large synchronized ETH and BTC deposits can trigger liquidations or force reactive selling; and 3) derivatives funding and order-book depth on Binance may tighten, amplifying moves. Over the medium-to-long term the impact is less certain and depends on whether the transferred BTC is sold, used as margin, or moved off-exchange again. If the coins are ultimately held or re-allocated to non-exchange wallets, the bearish pressure would dissipate; if sold, price downside could extend. For traders, the immediate implication is elevated downside risk and higher volatility — monitor on-chain flows, exchange balances, order-book liquidity and funding rates to time entries and manage position sizing.