Every Zipp story tagged #ExchangeReserves, newest first.
The headline balance masks uneven fund flows and a wallet decline largely tied to storage migration, leaving the supply-squeeze case less clear.
A 77k BTC surge since late April now puts Binance at 30% of all major exchange reserves, a concentration level that historically precedes distribution pressure.
The outflow is concentrated on the two largest non-US venues and lines up with Europe's MiCA migration and a broader rotation into self-custody and onchain yield products.
Coins leaving Binance typically signal accumulation, but XRP is still 70% below its all-time high and order flow has stayed seller-controlled since the $2.00 print earlier this year.
Supply on centralized venues sits at multi-year lows, but with coins moving into ETFs, corporate treasuries and DeFi rather than cold storage, the old bullish read is overdue for a rewrite.
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