The chart shows the Binance Reserve Realized Price at ~$60,490 currently acting as support for BTC.
This level represents the average realized price of Binance's entire BTC reserve. Below it, the majority of holders within that reserve move into unrealized loss.
This has happened before. In 2022, the Reserve Realized Price sat well above spot price for months. Binance's reserve was partially underwater throughout the bear market, and price kept falling regardless.
But the historical pattern is clear: this region tends to act as a significant support zone. When spot price approaches the Realized Price of major exchanges, profitable sellers thin out and the market finds footing.
The risk right now is simple: if BTC loses $60,490, the narrative shifts. The largest BTC reserve in the world would be mostly in the red — and bear markets tend to deepen exactly when structures like this break.
Written by joaowedson