coin-img-ETHETH-0.73%coin-img-BTCBTC-1.67%coin-img-UCNUCN+0.44%coin-img-SOLSOL-3.94%coin-img-USDCUSDC+0.00%coin-img-XRPXRP-0.98%coin-img-DOGEDOGE-1.67%coin-img-TONCOINTONCOIN-2.42%coin-img-ETHETH-0.73%coin-img-BTCBTC-1.67%coin-img-UCNUCN+0.44%coin-img-SOLSOL-3.94%coin-img-USDCUSDC+0.00%coin-img-XRPXRP-0.98%coin-img-DOGEDOGE-1.67%coin-img-TONCOINTONCOIN-2.42%coin-img-ETHETH-0.73%coin-img-BTCBTC-1.67%coin-img-UCNUCN+0.44%coin-img-SOLSOL-3.94%coin-img-USDCUSDC+0.00%coin-img-XRPXRP-0.98%coin-img-DOGEDOGE-1.67%coin-img-TONCOINTONCOIN-2.42%coin-img-ETHETH-0.73%coin-img-BTCBTC-1.67%coin-img-UCNUCN+0.44%coin-img-SOLSOL-3.94%coin-img-USDCUSDC+0.00%coin-img-XRPXRP-0.98%coin-img-DOGEDOGE-1.67%coin-img-TONCOINTONCOIN-2.42%

Exchange Bitcoin balances drop to 2.936M BTC, lowest level of current cycle amid Binance decline

On-chain analyst Murphy said on December 9 that Bitcoin balances on centralized trading platforms have fallen to 2.936M BTC, a new low for the current cycle, with more BTC being moved on-chain for reserve rather than deposited for selling, BlockBeats reported. The previous time exchange balances were at a similar level was on December 17, 2022, after the FTX collapse, while Binance's BTC balance has shown a clear short-term price correlation, with four rapid increases since early 2024 coinciding with BTC price weakness and the recent continuous decline viewed as creating preconditions for a rebound. On-chain data cited by Murphy show that whale cohorts holding more than $1M and $10M in BTC are mainly withdrawing to on-chain addresses, whereas smaller holders with less than $100,000 tend to send BTC to exchanges. The analyst believes the rebound in BTC since the $80,000 low has not yet concluded.
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