Binance scoops up 3,600 more Bitcoin for SAFU as BTC whipsaws after brutal selloff
Binance has wrapped up a 3,600-bitcoin buy for its Secure Asset Fund for Users, spending around $250 million in stablecoins to do it. The fund’s bitcoin address sits at 6,230 BTC now.) After a volatile stretch, bitcoin clawed its way back above $70,000 on Friday, having tumbled as low as $60,017.60 earlier in the week. Traders piled into options, snapping up contracts to guard against steeper declines. “Demand for downside protection is extreme,” said Sean Dawson, head of research at Derive.xyz.