Binance USDT Reserves Rise as U.S.-Linked Bitcoin Buying Lags

Bitcoin (BTC) wallets holding 1,000 to 10,000 coins have swung back to net accumulation, but weak U.S.-linked demand readings leave Binance’s larger Tether (USDT) reserve balance short of evidence that BTC buying has strengthened.

The group’s rolling 60-day net position moved from a 62,600 BTC decline to a 5,230 BTC increase. A positive reading means the cohort added to its holdings on balance during that window. The change points to a reversal among these large holders, but does not establish that accumulation has spread to other groups.

Binance’s USDT reserves rose from about $790 million to $1.76 billion, indicating more potential buying capacity on the exchange. The reserve balance alone does not show that USDT was converted into Bitcoin.

Other measures continued to point to subdued U.S.-linked spot demand. The Coinbase Premium Index was near -0.1416%. It compares Bitcoin’s price on Coinbase with its price on another exchange; a negative reading means BTC is priced lower on Coinbase. The index is used as a proxy for U.S.-linked buying pressure, but it does not count all U.S. purchases or sales.

Exchanges recorded a net inflow of 8,428 BTC over the week. That figure tracks BTC moving onto exchanges after withdrawals are netted out; it is not a record of completed sales. The short-term holder spent output profit ratio (STH-SOPR) stood at 0.9982, just under its break-even level of 1, consistent with short-term holders moving coins at small losses or near cost.

Taken together, the measures show a split between accumulation by one large-holder group and weaker spot-demand signals. They do not confirm that Bitcoin has formed a market bottom. Stronger spot demand would be needed to support a sustained advance, with the Coinbase premium, exchange flows and STH-SOPR among the indicators to watch. The readings extend earlier coverage of the whale-position reversal.