Bitcoin reserves on Binance, the world's largest centralized cryptocurrency exchange (CEX) by trading volume, have fallen to the lowest level since January 2024. Just two months later, in March, the price of the first cryptocurrency soared by 90% and set a record above $73,000. If Bitcoin now follows the same pattern with its current price above $95,000, it may exceed $180,000 in a few months.
Material from CryptoQuant
What else is known? According to analyst CryptoQuant under the nickname Darkfost, Bitcoin reserves on Binance have fallen below 570,000 coins. A reduction in reserves on centralized exchanges (CEX) usually signals that investors are moving Bitcoin to cold non-custodial wallets and are optimistic about its long-term price prospects.
"Periods of withdrawals are often a sign of positive dynamics in the market," said Darkfost.
According to TradingView, Bitcoin's dominance — its share of the total cryptocurrency market capitalization — currently stands at 58.27%, which is slightly below the critical level of 60%.
After Donald Trump's victory in the US presidential election, Bitcoin repeatedly updated its historical maximum, peaking at $108,300 on December 17. However, over the past two weeks, the asset has lost 5.4% and dropped below $100,000. Nevertheless, the yield since the beginning of the year exceeds 120%.