Bitcoin traders could mistake this Binance data change for a rush to sell
Summary
Bitcoin traded near $76,000 ahead of the US October CPI release, while reports of aggressive spot selling on Binance and Coinbase raised questions about demand. Coin Metrics warned that planned updates to Binance wallet coverage could increase reported exchange balances without any new deposits or changes in actual holdings. Exchange balances alone therefore cannot establish whether Bitcoin was deposited or sold; comparable deposit flows and executed trades offer distinct evidence, while price action can indicate whether buyers absorb selling pressure. CPI could affect rate expectations, yields and risk appetite, but its impact on Bitcoin is uncertain.
