Binance USDT Reserves Rise by 254 Million in 24h Whale Flows

Over the last 24 hours, our chain scanner recorded 1113 transfers above our reporting threshold with $19.67 billion moved in total.

Overview of Measured Whale Activity and Exchange Flows

During the 24-hour observation window, $2.13 billion flowed into exchange wallets while $1.25 billion flowed out of exchange wallets. An exchange inflow represents a transfer of digital assets from a private or unlabelled wallet into a known exchange wallet. Conversely, an exchange outflow describes assets moving from a known exchange wallet out to an unlabelled or private wallet. While these movements are frequently interpreted by market participants in various ways, an exchange deposit is not proof of selling, and a withdrawal is not proof of accumulation. Instead, assets deposited into an exchange can be utilized for trading margins, lending, OTC settlements, or repositioning, just as outflows may reflect internal restructuring, cold storage security upgrades, or non-trading transfers.

Among individual asset movements, notable transactions included a transfer of 50.00 million USDT ($50.0 million) on Ethereum from an unlabelled wallet to Bitfinex, classified as a deposit into an exchange wallet. Another notable deposit involved 6.79 million USDT ($6.8 million) on Ethereum from an unlabelled wallet moved to Binance. Other large-scale movements comprised multiple transfers between unlabelled wallets, such as a 20.00 million USDC transfer between unlabelled wallets and several multi-million-dollar transfers involving USDT and USDC across Ethereum. In Bitcoin transactions, 131.69 BTC ($10.7 million) and 86.35 BTC ($7.0 million) were transferred between unlabelled wallets.

Exchange Reserve Changes and Asset Balances

Our balance snapshots over the 24-hour period captured distinct shifts across major exchange reserves. Binance USDT reserves rose by 254.22 million USDT ($254.1 million), bringing its total to 17.08 billion USDT, a 1.51% increase of the balance. Meanwhile, Bitfinex USDT reserves fell by 99.28 million USDT ($99.2 million), decreasing by 52.23% of its balance to 90.81 million USDT. In Ethereum reserves, Bitfinex saw an increase of 19,818 ETH ($48.3 million), up 160.53% to 32,164 ETH, while Binance ETH reserves rose by 4,837 ETH ($11.8 million) to reach 2.66 million ETH. Other changes included Crypto.com ETH reserves falling by 4,041 ETH ($9.9 million) to 15,772 ETH, and Coinbase ETH reserves dropping by 1,742 ETH ($4.3 million) to 23,706 ETH.

Other token reserves also experienced notable adjustments. Binance PEPE reserves rose by 5072.04 billion PEPE ($20.3 million), a 11.53% balance increase to 49056.84 billion PEPE. Bybit USDT reserves fell by 13.12 million USDT ($13.1 million) to 64.19 million USDT. Gate.io USDT reserves decreased by 8.96 million USDT ($9.0 million) to 18.88 million USDT. Binance LINK reserves dropped by 476,013 LINK ($5.9 million) to 25.39 million LINK. MEXC USDT reserves rose by 5.01 million USDT ($5.0 million) to 103.96 million USDT, whereas MEXC USDC reserves fell by 4.11 million USDC ($4.1 million) to 4.80 million USDC. During this period, Bitcoin traded at $81,607.6067 (-0.51% in 24h), Tether at $0.9993 (+0.01% in 24h), and USDC at $1.0003 (+0.01% in 24h).

How We Measure This

We read the blockchains directly by parsing Ethereum JSON-RPC logs and Bitcoin block data through our own chain scanner. We label only publicly known exchange wallets based on verified on-chain attribution, while keeping all other wallets unlabelled. We report transfers that exceed our internal reporting threshold, aggregating the data to track daily token flows and exchange reserve snapshots.

What shifts will follow these reserve adjustments across Binance and Bitfinex in the next 24 hours?