Analyst warns drop below $60,490 puts Binance BTC reserves underwater

Analyst flags $60,490 cost basis for Binance’s BTC reserves

Joao Wedson warns that Bitcoin is nearing Binance’s Reserve Realized Price at about $60,490. A break below would push most of the exchange’s BTC holdings into unrealized losses.

He cites 2022 as precedent, when the reserve stayed “in the red” for months. He tracks this as a key support level that, if lost, can pressure prices further. Source: Joao Wedson on X.

• Binance Reserve Realized Price is ~$60,490, the average cost basis of its BTC reserve source
• Below this, most of the reserve is underwater source
• It happened in 2022 and persisted for months source