Binance just moved roughly $100 million worth of Bitcoin (about 1,315 BTC) straight into their SAFU fund you know, that emergency user protection stash they’ve had since forever. According to on chain tracking from Arkham, this was an internal shift from one of their own wallets, not some fresh buy off the open market or anything dramatic like that.
This is basically the first real step in their bigger plan announced late last month:
gradually converting up to $1 billion of the fund’s stablecoin holdings into Bitcoin over the next 30 days or so. Pretty bold move they’re betting big on BTC as the backbone for user safety instead of just dollar pegged stuff.
Of course, since Bitcoin’s price swings like crazy this adds some real volatility to the fund itself. If BTC tanks hard, the fund’s value could drop below their $800 million safety threshold but Binance has promised they’ll top it up if that happens to keep things solid for users.
Overall, it’s a strong vote of confidence in Bitcoin from the biggest exchange out there, especially during this choppy market phase.
What do you guys think smart long term play or extra risk for users?
Drop your thoughts below! 👇
#Binance #Bitcoin #CryptoNews #BTC $BTC
