Bitcoin (BTC) balances on Binance hit highest since November 2024: here's what it means

CoinDesk

by Omkar Godbole

February 23, 2026

AI-Generated Deep Dive Summary

Bitcoin (BTC) holdings in wallets linked to Binance have reached their highest level since November 2024, signaling potential market activity. According to data from CryptoQuant, the total BTC held on Binance rose to 676,834.84 BTC ($44.53 billion), marking a 9.3% increase from its multi-month low in November. This surge suggests that investors may be preparing to sell or use their Bitcoin as margin in derivatives trading, which could lead to increased market volatility. The rise in Bitcoin balances on Binance appears to have been influenced by a significant crypto whale transferring $760 million in BTC to the platform. This transfer occurred just six days after the same entity moved half a billion dollars worth of ether to Binance. While it remains unclear whether this whale has liquidated their coins, Bitcoin prices dropped from $67,600 to $64,400 following the move, though they later rebounded slightly to around $65,850. The increased activity on Binance could indicate a shift in investor sentiment or strategic moves by large players in the crypto market. Such movements often precede price fluctuations, as seen in recent history when significant amounts of Bitcoin are moved or traded. The potential for selling pressure or derivatives trading using these holdings adds another layer of uncertainty to an already volatile market. For readers interested in crypto, this development highlights the interconnectedness of major exchanges and the influence of large-scale transactions on market dynamics. While Binance continues to dominate as a key player in the cryptocurrency space, its role in facilitating such large transfers underscores the importance of monitoring wallet activity for insights into market trends. Investors should remain vigilant about potential price volatility stemming from these developments. In summary, the record-high Bitcoin balances on Binance and the involvement of crypto whales underscore the ongoing dynamics of the cryptocurrency market. As markets continue to evolve, understanding these movements and their implications becomes crucial for both investors and enthusiasts alike.

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Originally published on CoinDesk on 2/23/2026