Update
Coin Metrics Updates Binance Wallet Coverage
Coin Metrics issued a notice on November 4, suggesting that a larger reported Binance wallet balance could reflect expanded address coverage rather than fresh Bitcoin arriving. This complicates the apparent signal of demand for Bitcoin, which is trading near $76,000 ahead of the upcoming US inflation report. The notice anticipates significant increases in exchange-address data, reflecting broader coverage without a corresponding change in actual holdings.