Bitcoin reserves on Binance climb to their highest level since November 2024 — here’s why it matters.

Bitcoin holdings in wallets associated with Binance have climbed to their highest level since late 2024, signaling a notable shift in exchange flows.

According to data from CryptoQuant, balances on Binance rose to 676,834.84 BTC — worth roughly $44.53 billion — on Sunday. The figure was last seen in November 2024 and represents a 9.3% increase from the multi-month low of 618,782 BTC recorded that same month. CoinDesk has reached out to Binance for comment.

An increase in exchange-held bitcoin is often interpreted as a sign that investors may be preparing to sell or deploy coins as collateral in derivatives markets. Both scenarios tend to coincide with heightened volatility.

The latest spike appears to have been driven in part by a large transfer from a prominent whale. Blockchain analytics firm Arkham reported Sunday that a crypto whale — possibly Garret Jin — moved approximately $760 million worth of bitcoin to Binance. The entity is said to operate via Hyperliquid’s cross-chain asset tokenization and bridging infrastructure Hyperunit. The transfer occurred about six days after the same wallet shifted roughly $500 million in ether to Binance.

It remains unclear whether the whale has sold the transferred assets. However, the timing coincided with a price drop during Asian trading hours early Monday, when bitcoin slid from $67,600 to $64,400. The cryptocurrency has since pared some losses, recently changing hands near $65,850.