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Big Tech companies' planned $500 billion war chest to dominate artificial intelligence could offer a lifeline to a Bitcoin mining industry teetering on the edge of capitulation.
The headline numbers are eye-watering. Alphabet, Google’s parent, alone plans to spend as much as $185 billion this year.
However, the capital surge will involve more than buying chips and servers, as Microsoft and Meta are also increasing AI budgets.
This means that the real race is now being fought over physical infrastructure, including pipelines, grid interconnections, and the scramble to secure large blocks of power capacity
Thus, the projected spending will reshape power markets and put a premium on the one asset distressed Bitcoin miners still control: “ready-to-run” energy infrastructure.
For Bitcoin miners seeking to reinvent themselves as data center landlords, this spending surge presents a massive growth opportunity precisely when their core business is under siege. $XPL #Plasma @Plasma $BTC

Dusk Network is taking a fundamentally different approach to blockchain by putting privacy and compliance at the core of its design. In a space where transparency often clashes with real-world regulations, @dusk_foundation is building infrastructure that enables confidential smart contracts, private asset issuance, and on-chain identity without sacrificing performance.

What makes Dusk stand out is its focus on practical use cases like regulated finance, digital identity, and enterprise-grade applications. Privacy on Dusk isn’t an add-on—it’s native to the protocol. The $DUSK token plays a key role in securing the network and incentivizing participants, aligning long-term growth with real usage.

As institutions and developers look for compliant, privacy-preserving blockchain solutions, #Dusk is positioning itself as a serious contender for the next phase of Web3 adoption.@Dusk_Foundation

Walrus Protocol is tackling one of the most overlooked challenges in DeFi: fragmented liquidity and inefficient cross-chain movement. Instead of forcing users to juggle multiple bridges and interfaces, @walrusprotocol is building infrastructure that makes interoperability feel seamless and capital-efficient. This approach lowers friction for both users and builders, which is essential for real adoption. The $WAL token plays a key role in incentivizing participation and securing the ecosystem as activity grows. As DeFi matures, solutions like this are why #walrus s is gaining attention as a serious long-term player.@WalrusProtocol

Bitcoin coins rolling on a conveyor into a Binance-branded vault in heavy rain, symbolizing a $4.3B BTC inflow near $74,000 that could shift prices
Exchanges.Binance.Bitcoin.Neutral
Traders dump $4.3 billion BTC on Binance as exchange sells more Bitcoin than other exchanges combined
CryptoQuant logged 56,000 to 59,000 BTC deposited in two days, and it’s raising fresh questions about who sets the tape.
Gino Matos
Gino Matos
Feb. 5, 2026
5 min read
Binance moved 42.8% of total spot volume over the past week but absorbed 79.7% of net selling pressure across five major exchanges, according to data from Traderview.
The imbalance raises the question of whether a venue needs to handle “most of the market” to set prices for the whole market.
The answer is no. A venue needs to be where the market most often determines the price.
Between Feb. 2 and 3, Binance recorded the largest Bitcoin (BTC) inflows of the year, with roughly 56,000 to 59,000 BTC moving onto the exchange while Bitcoin traded near $74,000, according to CryptoQuant contributor Darkfost.

At current prices, the amount surpasses $4.3 billion in notional terms. CoinMarketCap data shows Binance's 24-hour spot volume runs around $18.5 billion and 251,758 BTC, meaning the inflow represented roughly 22% to 23% of a single day's Bitcoin spot churn on the platform.

Deposits raise sell-side optionality by making inventory quickly saleable, but they're not timestamped sell tickets. CryptoQuant defines exchange inflow as coins deposited into exchange wallets and explicitly cautions that elevated inflows don't always translate into immediate sell-offs.

They can reflect liquidity provisioning for derivatives, collateral movement, or internal settlement. The thesis isn't that Binance “dumped” Bitcoin, but that the exchange became the marginal seller even without controlling most of the market's volume, because it controls the market's most important prints.

Exchange inflows for all exchanges
Bitcoin exchange inflows across all exchanges spiked to over 58,000 BTC on February 2-3 as prices declined from $97,500 to $76,500.
Why the marginal seller matters more than the biggest seller
By “net selling pressure,” Traderview means net taker volume: the imbalance between market sells and market buys.

This is often tracked as the cumulative volume delta (CVD), which is a running sum of taker buy volume minus taker sell volume.

Negative CVD indicates more aggressive selling than buying, with market sells lifting bids rather than passive limit orders being filled. It's about who crosses the spread, not just who shows up in headline volume.

Binance sold 3.9 times more Bitcoin than all other major venues combined, according to Traderview's calculation, despite handling less total volume than those venues together. The concentration matters because Binance operates as a structural price-discovery hub.

A 2024 academic working paper identifies Binance spot and perpetual futures as the primary sources of Bitcoin price discovery, attributing their leadership to lower costs and higher trading volumes.

Kaiko's research, cited by Binance itself, describes the exchange as offering “deep, resilient liquidity.”

Price discovery doesn't happen everywhere equally. It happens where liquidity is deepest, where derivatives risk unwinds fastest, and where arbitrageurs watch most closely. Binance checks all three boxes.

Perpetual futures accounted for roughly 68% of all Bitcoin trading volume in 2025, according to Kaiko, and Binance, Bybit, and OKX together hold nearly 70% of open Bitcoin perpetual contracts.

Binance's BTC CVD
Chart shows Bitcoin spot cumulative volume delta across five major exchanges from January 28 to February 3, with Binance displaying the steepest negative trajectory.
When perp risk unwinds, spot becomes the hedge leg. That order flow prints the tape, and others reprice around it.

The linkage between Binance and other venues is mechanical.

Arbitrage traders compress dislocations across exchanges by buying where Bitcoin is cheap and selling where it's expensive. When that connectivity works, prices snap together within seconds. When it doesn't, premiums widen and persist.

The Coinbase Bitcoin premium, which tracks the spread between Coinbase's BTC/USD and Binance's BTC/USDT, is an example.

The premium is not solely attributable to demand, as it reflects differences in plumbing between USD and USDT, funding costs, and transfer frictions.

Yet the premium's behavior reveals how tightly linked venues are. When the premium compresses, arbitrage is re-engaging. When it widens, connectivity is under strain.

How fast Binance-led moves propagate
Cross-venue premium tracking provides a real-time indicator of arbitrage health.

The CoinGlass Coinbase Bitcoin Premium Index characterizes the spread as a connectivity measure rather than a sentiment gauge. A widening premium signals that arbitrage balance sheets are constrained or plumbing has clogged.

Compression means the market's nervous system is functioning.
Liquidity depth measures how much size the market can absorb before the price moves. Kaiko uses 1% market depth, the dollar value of bids and offers within 1% of mid, as a practical gauge of absorption capacity.
When depth thins, the same sell imbalance causes bigger moves. Kaiko-linked research cited market depth exceeding $600 million at recent highs, but liquidity capacity can collapse during stress.
The propagation speed of a Binance-led move depends on how fast arbitrage capital
responds. In healthy conditions, a premium shock mean-reverts in minutes.
In stress, dislocations persist and widen. Academic work documents recurring arbitrage gaps in crypto markets, implying that when arbitrage capacity is healthy, prices converge. When it's constrained, segmentation appears.
Binance's role as a marginal seller doesn't require a conspiracy. It requires three things: deep liquidity, derivatives dominance, and arbitrage connectivity. All three are structural features of the current market.
Three scenarios for what happens next
Binance holds the $4.3 billion inflow as inventory at risk. Whether it becomes actual selling pressure depends on flows, liquidity, and connectivity.
In the base case, inflows are collateral or positioning, selling pressure fades, and cross-venue premiums compress toward zero. Connectivity recovers.
This scenario becomes more likely if broader flows turn supportive. Spot Bitcoin ETFs saw $561.8 million in net inflows on Feb. 2, according to Farside Investors, though $272 million in outflows followed on Feb. 3.
If institutional demand stabilizes, Binance's marginal selling role could fade.
In the bear case, Binance continues to dominate negative net taker flow, liquidity thins, and premium volatility rises. Segmentation increases.
The fuel for this scenario exists: CoinShares reported over $1 billion in Bitcoin outflows in the week ending Jan. 23. If outflows persist, Binance could remain the marginal seller for weeks.
In the stress case, premiums persist and widen as arbitrage balance sheets get constrained. Plumbing clogs, and price discovery concentrates further.
This echoes the narrative around USD/USDT frictions, funding costs, and transfer constraints. Reuters quoted Binance's CEO in late 2025 as describing broader drawdowns as deleveraging alongside risk aversion, a regime in which forced selling, not opportunistic buying, sets the price.
A napkin calculation illustrates the leverage at play. If even a fraction of the $4.3 billion inflow is aggressively sold while depth is thin, Binance can set the market's marginal price.
The point isn't that Binance “crashed” Bitcoin, but that when one venue captures most of the negative taker flow, arbitrage forces everyone else to reprice around
$BTC #bitcoin @Bitcoin.com
#BitcoinDunyamiz #MarketCorrection #WhenWillBTCRebound $USDT $USDC

The exchange announced Jan. 30 that it will convert SAFU's roughly $1 billion stablecoin reserves into Bitcoin within 30 days, with an explicit promise: if BTC price movements push the fund below $800 million, Binance will replenish it to $1 billion.
The move comes wrapped in the language of trust-building: we hold ourselves to elevated standards,we continually improve based on feedback, and “we're taking another step forward.
The framing isn't accidental. Binance's “open letter to the crypto community” follows the classic crisis-communications structure, with an acknowledgment of pressure, a catalog of corrective actions, and an announcement of a highly visible commitment.
All this without ever using the word “sorry.”
The subtext is clear: the world's largest crypto exchange is trying to re-anchor credibility by aligning its most symbolic user-protection pool with Bitcoin, the asset it calls “the foundational asset of this ecosystem and the premier long-term store of value.
The decision raises the question of whether converting an insurance fund from stablecoins to a volatile asset makes the backstop more credible or more fragile, and whether this move addresses the structural criticism that Binance's failure modes have become the market's.
What SAFU actually is and why this matters
SAFU, which stands for Secure Asset Fund for Users, was created in 2018 to protect users in extreme events.
Binance Academy states that as of January 2026, the fund holds 1 billion USDC and even publishes the wallet address for verification. The fund is replenished by allocating 10% of trading fees and serves as a backstop for scenarios where user funds require protection beyond standard reserve mechanisms.
Converting $1 billion in stablecoins to Bitcoin changes the fund's risk profile.
At current prices around $84,000, the conversion represents roughly 11,900 BTC. Binance says it will complete the process within 30 days, with roughly $33 million in daily buying, and that the fund will undergo “regular rebalancing” to maintain its market value above the $800 million floor.
That floor is the critical promise. If Bitcoin drops enough to push SAFU below $800 million, Binance commits to adding funds to bring it back to $1 billion.
This is effectively a put option written by Binance treasury: a public commitment to buy Bitcoin during drawdowns to maintain the fund's nominal value. It's a mechanically pro-cyclical backstop pledge that's auditable on-chain.
The new SAFU mechanism
Binance's $800 million floor promise prevents SAFU from declining with Bitcoin, but a 20% BTC drop triggers required top-ups during market stress.
Addressing criticism
The move makes sense as a trust-building move only if the reader understands the reputational pressure Binance has faced over its market structure and reliability under stress.
The Oct. 10 washout resulted in a liquidation cascade that wiped out roughly $19 billion in leveraged positions across the crypto market.
CoinShares‘ analysis of that event includes Binance-specific microstructure episodes: extreme price prints on Binance, “systems under heavy load” warnings, and peg mispricing dynamics that contributed to the cascade.
Cathie Wood publicly linked a major liquidation episode to a “software glitch” at Binance, with automated deleveraging distorting price action.
Regardless of whether that narrative is a settled fact, it became a prominent accelerant. Binance is systemically important enough that its failure modes become the market's failure modes.
Liquidity evaporation and forced liquidations on the dominant exchange don't stay contained.
Converting SAFU to Bitcoin can be read as Binance saying: we're not a drag on the market; we're a backstop that will lean into Bitcoin during stress.
The explicit language in the announcement, specifically “embracing market cycles and standing shoulder-to-shoulder with the industry,” positions the move as alignment rather than hedging.
Yet, that creates a new tension. Insurance funds exist to pay out in extreme moments, and those moments often coincide with Bitcoin drawdowns and liquidity stress.
Credibility versus pro-cyclicality
There are two competing interpretations of what this move accomplishes.
The bull case for trust is straightforward. Holding SAFU in Bitcoin is a loud, verifiable signal that Binance has skin in the game.
The $800 million floor acts as a public commitment to buy the dip, which could provide price support during selloffs and demonstrates that Binance's treasury is willing to absorb volatility risk alongside users.
If executed cleanly, it shows Binance can make and keep hard promises under observable conditions.
The risk case is equally straightforward: insurance wants stability, and Binance just chose volatility.
SAFU exists for tail events, such as exchange hacks, systemic failures, and user protection payouts.
Those events don't arrive during calm markets with ample liquidity. They arrive during stress, often when Bitcoin itself is falling.
A fund denominated in the asset that's dropping becomes a weaker backstop exactly when it's needed most, unless Binance can instantly mobilize pristine liquidity to top it up.
This isn't hypothetical. If Bitcoin falls 20% during a future crisis and SAFU drops to $800 million or below, Binance would need to fulfill its replenishment promise in the middle of a market already under stress.
The credibility of the entire structure depends on whether the Binance Treasury can move quickly and cleanly when conditions are at their worst.
The promise is only as strong as the execution under fire.
SAFU fund transparency
Binance's 30-day SAFU conversion timeline allows public tracking of Bitcoin purchases against expected pace, with deviations signaling execution challenges or strategy shifts.
What makes this “apology-shaped”
The announcement reads like a balance-sheet apology because it hits every beat of institutional trust repair: acknowledge the pressure, catalog corrective actions, and then announce a forward-looking commitment that's auditable and expensive.
The numbers Binance cites are designed to rebuild credibility through scale.
The letter noted $48 million in incorrect deposits recovered in 2025, $1.09 billion total recovered to date, 5.4 million users protected through risk controls, $6.69 billion in potential scam losses prevented, $131 million in ill-gotten funds confiscated through law enforcement collaboration, and $162.8 billion in Proof of Reserves across 45 assets.
These are receipts, not speculative promises.
Converting SAFU to Bitcoin is the capstone action: it is publicly auditable, time-bound (30 days), and expensive if Bitcoin moves against them. It's the kind of move a firm makes when credibility is a scarce resource, and it needs to show it is willing to take on risk to prove a point.
Three scenarios
The base case assumes orderly execution.
Binance completes the conversion within 30 days, Bitcoin remains range-bound, and the market reads it as “Binance is rebuilding trust with limited price impact.”
On-chain observers track the SAFU wallet balance changes, and the move becomes a successful optics play that demonstrates follow-through.
The stress case assumes Bitcoin drops mid-conversion.
SAFU's value approaches or falls below $800 million, and Binance needs to top it up while markets are volatile. This scenario tests whether the backstop promise is credible or whether insurance has become pro-cyclical.
A key development to watch is whether the top-up is fast and clean, and whether liquidity conditions during the episode create execution issues.
The shock case assumes a payout-relevant event occurs while Bitcoin is down.
A hack, a technical failure, or another cascade event requires SAFU funds exactly when the fund's BTC-denominated value is depressed.
The promise is audited in real time, and any deviation from the stated $1 billion/$800 million floor mechanics becomes a credibility event worse than not making the promise at all.
Stress test grid
A 20% Bitcoin decline triggers Binance's $200 million top-up obligation, requiring 2,976 BTC purchases at lower prices to maintain SAFU's floor.
What to watch
The immediate verification is straightforward: on-chain tracking of the SAFU wallet to confirm conversion pace and completion within 30 days. Binance Academy already publishes the wallet address, so this is fully auditable by anyone who wants to verify.
The longer-term test is what happens during the next volatility spike.
Does Binance maintain the $1 billion/$800 million structure under stress, or does the promise bend when conditions get difficult?
Speed and clarity of communication during any drawdown will matter as much as the mechanics.
Converting SAFU to #bitcoin is a bet that the market values alignment and skin-in-the-game signaling more than insurance fund stability. It's a bet that Binance treasury can backstop the backstop when needed.
And it's a bet that the reputational gain from making a loud, auditable promise outweighs the operational risk of holding a volatility-exposed emergency fund. Whether that bet pays off depends entirely on what happens the next time the market breaks $BTC @Bitcoincom

The crypto market has entered a fragile phase as Bitcoin dropped under the critical $70,000 level and bounced off $60,000, a zone that has increasingly acted as a gravitational pull rather than a launchpad.
This subdued price action came as the stablecoin market has surged, with Tether and Circle minting billions of dollars’ worth of new tokens in recent days.
At first glance, the expansion of digital dollar supply appears to suggest renewed liquidity entering the ecosystem. However, a closer look at flows indicates a more cautious, structurally constrained market.
Stablecoins function as the primary liquidity rails of the crypto economy, enabling trading, leverage, settlement, and capital mobility without touching the traditional banking system.
As a result, changes in their issuance and movement are often scrutinized for signals about market direction.
In this instance, the divergence between rising issuance and weakening exchange flows highlights a market that is accumulating liquidity defensively rather than deploying it aggressively.
The crypto market has entered a fragile phase as Bitcoin dropped under the critical $70,000 level and bounced off $60,000, a zone that has increasingly acted as a gravitational pull rather than a launchpad.
This subdued price action came as the stablecoin market has surged, with Tether and Circle minting billions of dollars’ worth of new tokens in recent days.
At first glance, the expansion of digital dollar supply appears to suggest renewed liquidity entering the ecosystem. However, a closer look at flows indicates a more cautious, structurally constrained market.
Stablecoins function as the primary liquidity rails of the crypto economy, enabling trading, leverage, settlement, and capital mobility without touching the traditional banking system.
As a result, changes in their issuance and movement are often scrutinized for signals about market direction.
In this instance, the divergence between rising issuance and weakening exchange flows highlights a market that is accumulating liquidity defensively rather than deploying it aggressively.

Tether and Circle’s $3 billion token minting spree protect Bitcoin from losing $60k?
Waves slam a seawall as a Bitcoin boulder crashes through stacks of Tether and USD Coin tokens, symbolizing $3B in new stablecoin mints failing to stop Bitcoin’s slide toward $70,000.
Stablecoins
Bitcoin
Negative
Did Tether and Circle’s $3 billion token minting spree protect Bitcoin from losing $60k?
As Tether and Circle mint $3 billion in stablecoins, liquidity remains defensive ahead of Bitcoin's $60,000 struggle.

Oluwapelumi Adejumo
Oluwapelumi Adejumo
•
Feb. 6, 2026
•
4 min read

The crypto market has entered a fragile phase as Bitcoin dropped under the critical $70,000 level and bounced off $60,000, a zone that has increasingly acted as a gravitational pull rather than a launchpad.

This subdued price action came as the stablecoin market has surged, with Tether and Circle minting billions of dollars’ worth of new tokens in recent days.

At first glance, the expansion of digital dollar supply appears to suggest renewed liquidity entering the ecosystem. However, a closer look at flows indicates a more cautious, structurally constrained market.

Stablecoins function as the primary liquidity rails of the crypto economy, enabling trading, leverage, settlement, and capital mobility without touching the traditional banking system.
As a result, changes in their issuance and movement are often scrutinized for signals about market direction.
In this instance, the divergence between rising issuance and weakening exchange flows highlights a market that is accumulating liquidity defensively rather than deploying it aggressively.
Tether mints $2 billion in USDT as supply reaches a record-breaking $160 billion
Related Reading
Tether mints $2 billion in USDT as supply reaches a record-breaking $160 billion
The latest minting spree reflects intensified crypto market activity as Bitcoin reaches a new all-time high.
Oluwapelumi Adejumo
Stablecoin minting accelerates
On Feb. 4, blockchain analysis platform Lookonchain reported that Tether’s USDT and Circle’s USDC collectively added more than $3 billion in newly minted supply over a three-day period. This came even as Bitcoin and other major tokens failed to sustain any upward momentum.
The rapid increase was further corroborated by Tether, which reported that USDT ended the fourth quarter of 2025 with a market capitalization of $187.3 billion, an increase of $12.4 billion from the prior quarter.

According to the firm, that growth occurred despite a contraction in the broader crypto market, in which digital asset prices fell sharply following the October 2025 sell-off.
Historically, stablecoin issuance has tended to rise during periods of volatility. Traders often rotate into dollar-pegged tokens to preserve value while remaining positioned to re-enter the market quickly.
In some cycles, bursts of issuance have preceded rallies, as fresh liquidity was deployed into spot and derivatives markets. In others, they have coincided with prolonged consolidation, reflecting caution rather than conviction.
The current episode appears closer to the latter. While supply is increasing, the destination and use of that liquidity matter more than the headline numbers.

Did Tether and Circle’s $3 billion token minting spree protect Bitcoin from losing $60k?

Waves slam a seawall as a Bitcoin boulder crashes through stacks of Tether and USD Coin tokens, symbolizing $3B in new stablecoin mints failing to stop Bitcoin’s slide toward $70,000.
Stablecoins
Bitcoin
Negative
Did Tether and Circle’s $3 billion token minting spree protect Bitcoin from losing $60k?
As Tether and Circle mint $3 billion in stablecoins, liquidity remains defensive ahead of Bitcoin's $60,000 struggle.

Oluwapelumi Adejumo
Oluwapelumi Adejumo
•
Feb. 6, 2026
•
4 min read

The crypto market has entered a fragile phase as Bitcoin dropped under the critical $70,000 level and bounced off $60,000, a zone that has increasingly acted as a gravitational pull rather than a launchpad.

This subdued price action came as the stablecoin market has surged, with Tether and Circle minting billions of dollars’ worth of new tokens in recent days.

At first glance, the expansion of digital dollar supply appears to suggest renewed liquidity entering the ecosystem. However, a closer look at flows indicates a more cautious, structurally constrained market.

Stablecoins function as the primary liquidity rails of the crypto economy, enabling trading, leverage, settlement, and capital mobility without touching the traditional banking system.

As a result, changes in their issuance and movement are often scrutinized for signals about market direction.

In this instance, the divergence between rising issuance and weakening exchange flows highlights a market that is accumulating liquidity defensively rather than deploying it aggressively.

Tether mints $2 billion in USDT as supply reaches a record-breaking $160 billion
Related Reading
Tether mints $2 billion in USDT as supply reaches a record-breaking $160 billion
The latest minting spree reflects intensified crypto market activity as Bitcoin reaches a new all-time high.

Jul 16, 2025
·
Oluwapelumi Adejumo
Stablecoin minting accelerates
On Feb. 4, blockchain analysis platform Lookonchain reported that Tether’s USDT and Circle’s USDC collectively added more than $3 billion in newly minted supply over a three-day period. This came even as Bitcoin and other major tokens failed to sustain any upward momentum.

The rapid increase was further corroborated by Tether, which reported that USDT ended the fourth quarter of 2025 with a market capitalization of $187.3 billion, an increase of $12.4 billion from the prior quarter.

Tether USDT Supply
Tether USDT Supply as of 2025 Q4. (Source: Tether)
According to the firm, that growth occurred despite a contraction in the broader crypto market, in which digital asset prices fell sharply following the October 2025 sell-off.
Historically, stablecoin issuance has tended to rise during periods of volatility. Traders often rotate into dollar-pegged tokens to preserve value while remaining positioned to re-enter the market quickly.
In some cycles, bursts of issuance have preceded rallies, as fresh liquidity was deployed into spot and derivatives markets. In others, they have coincided with prolonged consolidation, reflecting caution rather than conviction.
The current episode appears closer to the latter. While supply is increasing, the destination and use of that liquidity matter more than the headline numbers.
Global markets crash as everything including Bitcoin sells off at once erasing trillions
Related Reading
Global markets crash as everything including Bitcoin sells off at once erasing trillions
Over $800 million in long positions were wiped out in minutes as the US open turned into a brutal liquidity bloodbath for unsuspecting traders.
Jan 29, 2026
Liam 'Akiba' Wright
Exchange flows point to liquidity withdrawal, not deployment
Data from CryptoQuant suggests the crypto market is experiencing a sustained drawdown in risk-facing liquidity.
After expanding by more than $140 billion since 2023, the total stablecoin market capitalization peaked in late 2025 before beginning to decline in December.
More telling than aggregate supply, however, are net flows of stablecoins into and out of exchanges.
During periods of rising risk appetite, stablecoins typically flow to exchanges, where they can be readily converted into BTC or ETH or used as margin for leveraged trades.
Outflows, by contrast, tend to signal capital preservation, as funds are moved off exchanges into self-custody or lower-risk uses.
In October 2025, exchange flows reflected exceptional momentum. Average monthly net inflows of stablecoins exceeded $9.7 billion, with nearly $8.8 billion directed to Binance alone, according to CryptoQuant.$USDT $USDC $BTC