Bitcoin reserves held on Binance have surged to their highest level since November 2024, highlighting a notable uptick in exchange inflows.

Data from CryptoQuant indicates that Binance’s BTC balance climbed to 676,834.84 coins on Sunday, worth approximately $44.53 billion. That figure matches levels last seen in late 2024 and represents a 9.3% increase from November’s multi-month low of 618,782 BTC. CoinDesk has reached out to Binance for comment.

An increase in bitcoin held on exchanges is often interpreted as a sign that investors may be preparing to sell or to use their holdings as collateral in derivatives markets. Both scenarios tend to heighten short-term price volatility.

The latest jump appears to have been driven in part by a sizable whale transaction. According to blockchain analytics firm Arkham, a major holder — possibly Garret Jin — transferred roughly $760 million worth of bitcoin to Binance on Sunday. The entity is believed to operate through Hyperliquid’s cross-chain asset tokenization and bridging system, Hyperunit. The move came about six days after the same wallet shifted nearly $500 million in ether to the exchange.

It remains uncertain whether the transferred bitcoin has been sold. However, the timing coincided with a price decline during early Asian trading hours on Monday, when BTC dropped from $67,600 to $64,400. The cryptocurrency has since recovered modestly, trading around $65,850 at the time of writing.