Binance has completed its $1 billion Bitcoin exchange for its emergency funds, and committed to hold Bitcoin as the core asset of its reserve fund.
Binance has purchased an additional $304 Million worth of Bitcoin.BTCOn Thursday, the Secure Asset Fund for Users wallet (SAFU), completed the conversion of 1 billion dollars in Bitcoin. according Arkham data.
Binance reported in a statement on Thursday, that it now has 15,000 Bitcoin worth more than $1 billion. The coins were purchased at a cost of $67,500 per coin. post.
“With SAFU Fund now fully in Bitcoin, we reinforce our belief in BTC as the premier long-term reserve asset.”
Three days later, the last BTC tranche was received. Binance’s previous $300 million Acquisition on Monday
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It is important to exchange currencies. first announced it would convert On Jan. 30 it converted its $1 billion fund for user protection into Bitcoin, initially promising a 30-day period. The acquisitions were made in under two weeks.
If volatility drives the value of its fund below $800,000,000, it will rebalance.
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Bitcoin investor sentiment drops to record lows
The market is still deeply pessimistic, and this conversion came as it continues to be so.
Sentiment took another hit following Bitcoin’s brief correction below $60,000 on Feb. 5, plunging to five on Thursday — the lowest reading on record — signaling extreme fear among investors, according The data that alternative.me.
The Index is a multi-factor measure of sentiment in the cryptocurrency market.
Tracking the top traders of the market by their returns “smart money,” You can also hedge against further crypto-market declines.
Crypto intelligence platform NansenAvalanche, Bitcoin and most of the major cryptocurrencies were all net-shorted by smart money traders.AVAXThe only exception is the net exposure of $10.5 Million.
Glassnode, in a post on Monday, said that Bitcoin’s correction took away a substantial supply of tokens with a loss of 16% of Bitcoin’s market cap. It is now the most painful point in the markets ever since algorithmic stablecoin Terra collapsed in 2022. post.
Dessislava Ianeva, dispatch analysts at digital assets platform Nexo says that in spite of the corrections, early signs are showing up for a stabilization.
“Derivative positioning remains cautious. Funding rates are neutral to slightly negative, reflecting subdued leverage demand, while open interest in native BTC terms has returned to early-February levels, suggesting stabilization rather than a renewed expansion phase,” The analyst spoke to Cointelegraph.
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Source: cointelegraph.com
