The post Binance Bitcoin Reserves Drop Sharply, BTC Price Eyes $100000 appeared first on Coinpedia Fintech News

Bitcoin price today jumped beyond $93,000 after bullish sentiment grew across the crypto market. Recent data from on-chain analytics firm CryptoQuant shows that Bitcoin reserves on Binance continue to fall, even while the price climbs.

With less Bitcoin available to sell, prominent crypto trader TED pillows predicts Bitcoin to surge towards $100K.

Why Binance’s Bitcoin Reserves Keep Falling

According to CryptoQuant, Bitcoin reserves on Binance are shrinking, even while BTC trades near $93,000. At first glance, some traders worry that fewer coins on exchanges means people are preparing to sell. But in reality, this decline is usually seen during strong bullish phases.

One major reason is the rise of self-custody. 

When prices go up, long-term believers and whales typically move their Bitcoin into private cold wallets. This means they are not planning to sell anytime soon.