Binance’s Bitcoin reserves have climbed above 693,000 BTC, a two-year high and about 30% of BTC held by major exchanges, according to Darkfost. Reserves have increased by 77,000 BTC since late April. The rise may reflect investors moving Bitcoin to exchanges to sell after recent rallies. Other factors include SAFU’s plan to invest $1 billion to acquire around 15,000 BTC and transfers following the ColdCard incident. The growing exchange reserves could increase potential selling pressure on Bitcoin.
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