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Bitcoin traders could mistake this Binance data change for a rush to sell

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Bitcoin traders could mistake this Binance data change for a rush to sell

Coin Metrics’ November 4 notice complicates Binance balance signals as traders look for evidence of demand before CPI.

Bitcoin is trading near $76,000 ahead of Tuesday's US inflation report, while reported spot selling puts the strength of demand in focus. A warning from data provider Coin Metrics complicates one apparent signal: a larger reported Binance wallet balance can reflect expanded address coverage without fresh coins arriving.

Bitcoin was quoted at $75,871 on CryptoSlate's price page when captured at 10:42 UTC on Nov. 7. That puts $76,000 in view as a rounded market price, rather than an established technical support level.

CryptoSlate's Nov. 7 report cited CryptoQuant analyst Darkfost describing more aggressive spot selling than buying on Binance and Coinbase. Coin Metrics' coverage notice concerns a different measurement and does not invalidate that trading signal.

The upcoming inflation release gives traders a defined window to compare potential selling with actual demand. A balance chart alone cannot show whether holders have just moved coins onto an exchange, or sold them.

In its Nov. 4 notice, Coin Metrics said it planned to update exchange-address data after additional addresses were disclosed. It anticipated significant increases in some hourly supply metrics that day and daily metrics on Nov. 5, particularly for Binance BTC measures in native units and US dollars.

The provider said the planned changes would reflect broader address coverage without a corresponding change in actual exchange holdings. The notice supplies a reason to question an apparent jump, but it does not quantify one.


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