Bitcoin is testing $77K, but something underneath the market is making me a little uncomfortable. 👀 Binance’s BTC reserves just climbed above 693,000 BTC, according to CryptoQuant, reaching their highest level in roughly two years. That’s a serious amount of Bitcoin sitting on an exchange. And normally, rising exchange reserves are something I pay attention to because more BTC available on an exchange can mean more potential sell side liquidity. But I wouldn’t jump straight to “Binance whales are selling.” Exchange balances can rise because of custody movements, internal transfers, market making, collateral requirements or simply users moving coins around. That distinction matters. What makes the current setup interesting is the timing. $BTC is struggling around $77K after failing to reclaim higher levels, while Binance is holding significantly more BTC than it was earlier this year. Personally, I think the reserve increase is more of a warning signal than a bearish confirmation. If those coins start moving toward the market while spot demand weakens, sellers could have a lot more ammunition. But if reserves stay elevated and BTC absorbs the supply without breaking lower, the story changes completely. That would suggest the additional exchange supply isn't translating into meaningful selling pressure. So I'm watching Binance’s reserves, but I’m watching netflows and actual spot selling even more closely. 693K BTC sounds scary. The real question is how much of it actually wants to sell. #Macro Insights# #BTC Price Analysis#