Before the expected Bitcoin halving, a significant amount of $1 billion worth of Bitcoins was suddenly moved and transferred to Binance, the leading global cryptocurrency exchange.
A transaction worth 16,276 Bitcoin was uncovered by Whale Alert, which monitors large cryptocurrency transfers. At first, this transaction appeared to come from unidentified wallets. However, according to Arkham Intelligence’s investigation, there may be a link to Binance. One of the wallets involved in the transaction has been identified as belonging to Binance’s SAFU Foundation.
Founded in 2018, the SAFU Foundation functions as a safety net for safeguarding users’ funds.
Binance chose an intriguing approach by transforming all received Bitcoins into USDC, a stablecoin linked to the U.S. dollar. By doing so, they hope to boost the reliability and clarity of the SAFU fund, keeping its worth steady at $1 billion.
On the night before the expected Bitcoin halving, which is known for historically causing market fluctuations due to the decrease in mining incentives, we exchanged our holdings into USDC.
Binance’s decision to change Bitcoin holdings into stablecoins signifies their dedication to risk control and securing user assets. This action intends to lessen possible market instability due to the Bitcoin halving, preserving the SAFU fund’s worth.
As the highly anticipated main event approaches, this transaction has become a topic of discussion among cryptocurrency enthusiasts. They are wondering how it might influence market trends in the weeks leading up to the halving.
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2024-04-18 13:36