Analysis: Binance's BTC holdings have climbed to a near four-month high, raising expectations of increasing selling pressure from exchanges.

PANews reported on February 23 that, according to CoinDesk, data from on-chain analytics platform CryptoQuant showed that the Bitcoin balance linked to Binance exchange wallets rose to 676,834.84 coins (approximately $44.53 billion) on Sunday, the highest level since November 2024, representing an increase of approximately 9.3% from the multi-month low of 618,782 coins in November last year. It is unclear whether the asset has been sold off, but the market initially retreated in early Asian trading on Monday, with Bitcoin falling from $67,600 to $64,400 before rebounding slightly to around $65,850.

Analysis indicates that an increase in Bitcoin balances on exchanges is typically seen as a potential selling pressure signal, meaning that investors may be preparing to sell the asset or use it as margin for derivatives trading, both of which usually exacerbate price volatility.