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Investing.com -- Bitcoin traded above $77,000 on Saturday, struggling to regain momentum as a sharp buildup of coins on Binance raised concerns over potential selling pressure, even as surveys pointed to growing interest in crypto among wealth managers and institutional investors.
Bitcoin was quoted at $77,346.0 and was up 0.45% as of 05:59 ET (09:59 GMT), giving the world's largest cryptocurrency a market capitalization of roughly $1.55 trillion. Attention has turned to Binance, where bitcoin reserves have risen above 693,000 BTC, their highest level in two years.
The exchange's reserves have increased by roughly 77,000 BTC since late April and now account for about 30% of bitcoin held across major trading platforms, according to on-chain analyst Darkfost.
Higher exchange balances can increase the amount of bitcoin readily available for sale, though the rise does not necessarily mean holders intend to sell. Binance's $1 billion SAFU fund purchase plan and demand for third-party custody may account for part of the increase.