Binance added $300 million price of bitcoin to its Safe Asset Fund for Customers (SAFU) on Monday, persevering with its plan to transform the safety fund into BTC throughout a broader market pullback.
SAFU conversion provides 4,225 BTC
Blockchain knowledge cited by Arkham exhibits Binance bought 4,225 BTC, lifting the SAFU pockets’s bitcoin holdings to greater than $720 million at present costs.
Binance mentioned in an X publish it’s “aiming to finish conversion of the fund inside 30 days” of its unique announcement.
$1B goal and rebalance threshold
Binance first introduced the shift on Jan. 30, saying it might transfer $1 billion of its consumer safety fund into bitcoin.
The alternate mentioned it might rebalance the fund again as much as $1 billion if volatility pushed its worth beneath $800 million.
Bitcoin slides as sentiment stays “fragile”
The acquisition got here as bitcoin fell to $59,930 on Friday, a stage final seen in October 2024, in keeping with TradingView.
TP ICAP digital belongings director Hina Sattar Joshi informed Cointelegraph that investor positioning stays constrained by cycle expectations.
Joshi mentioned:
“Sentiment is at the moment very fragile, with buyers anchoring themselves to the standard four-year Bitcoin cycle, during which Bitcoin’s value traditionally follows a recurring sample of ‘increase and bust.’”