Bitcoin Price Drops to Support Level, Binance Stablecoin Reserves Surge: What Does It Mean?

Binance’s stablecoin reserves recently hit a new record high of $9 billion in just 30 days, sparking speculation about potential Bitcoin market movements. This surge coincides with Bitcoin price dropping to $93,673, marking the third-largest pullback since the bull cycle began earlier this year. While the current decline is substantial at nearly 26% from its all-time high, on-chain indicators suggest short-term holder capitulation might be nearing exhaustion, a phenomenon historically linked to potential market bottoms.