Binance converts $200 million of its SAFU fund into Bitcoin, yet the BTC price stays flat—here’s why it may keep doing so.

Binance added 1,315 Bitcoin worth about $100.7 million to its SAFU insurance fund. ・Binance announced last week that it plans to convert $1 billion in SAFU reserves from stablecoins into Bitcoin. ・The move comes after Bitcoin’s price crashed to around $74,

Binance SAFU fund boosts Bitcoin holdings to 6,230 BTC via $233M purchase, shifting reserves from stablecoins for transparency and security.

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Binance founder Changpeng "CZ" Zhao has been a vocal figure shaping market sentiment. CZ has tempered his earlier optimism about Bitcoin.

Binance’s SAFU Fund purchased 3,600 BTC, increasing total holdings to 6,230 BTC valued $403M.

Crypto exchange Binance bought its first 1,315 Bitcoin as part of its conversion plan for the Secure Asset Fund for Users (SAFU). The Bitcoin (BTC), worth $101 million, was bought for an average price of $77,

Binance and Bybit briefly halted withdrawals during a 13% Bitcoin drop, citing technical strain, not liquidity issues.

Binance saw the largest Bitcoin inflows since the beginning of the year on Monday and Tuesday, around 56,000 and 59,000, respectively.

Bitcoin OG Garrett Jin's massive ETH withdrawal from Binance marks a strategic move, retreating to Ethereum with 80,000 ETH.