Bitcoin

Binance Buys Additional 1,315 BTC for SAFU Fund

6 hours ago
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The world’s largest crypto exchange Binance on Wednesday said it has purchased an additional 1,315 BTC for its SAFU Fund. This is part of converting $1 billion of its SAFU reserves from stablecoins into Bitcoin after the recent crypto market crash.

Binance Expands SAFU Fund to 2,630 BTC

Committing to protect its users amid the crypto bloodbath, Binance has acquired an additional 1,315 BTC worth almost $100.42 million for its SAFU fund, according to Arkham data on February 4.

Binance SAFU Fund Adds 1,315 BTCBinance SAFU Fund Adds 1,315 BTC
Binance SAFU Fund Adds 1,315 BTC. Source: Arkham

This latest addition marks the second purchase this week, bringing the total accumulation to 2,630 BTC worth around $201.12 million. The move aligns with Binance’s broader strategy to convert up to $1 billion of its SAFU reserves from stablecoins into Bitcoin over 30 days.

Binance officially confirmed the progress, stating that the second batch of $100 million in stablecoins conversions to BTC is completed. “We’re continuing to acquire Bitcoin for the SAFU fund, aiming to complete conversion of the fund within 30 days of our original announcement,” the crypto exchange said.

On Monday, Binance transferred roughly 1,315 BTC from Binance hot wallets to the SAFU Fund wallet address “1BAuq.” This development comes amid volatility and uncertainty in the crypto market.

Bitcoin Price Holds Above $76K

Bitcoin price remains under selling pressure amid “extreme fear” sentiment and thin liquidity. BTC fell 3% over the past 24 hours, with the price currently trading at $76,435. The 24-hour low and high are $72,897 and $78,974, respectively.

Furthermore, trading volume has increased by 40% in the last 24 hours, indicating that traders reacted to Binance purchasing additional BTC for the SAFU fund. However, experts such as Michael Burry warns Bitcoin price crash and its implications for treasury companies and traditional financial markets.

CoinGlass data showed slight buying in the past across the derivatives market as traders look for further cues. At the time of writing, the total BTC futures open interest jumped 0.19% to $51.15 billion in the last 4 hours. Notably, BTC futures OI is down nearly 1% in 24 hours, with 1.32% fall on CME and 1.92% slump on Binance.

Source: https://coingape.com/binance-buys-additional-1315-btc-for-safu-fund/