Binance has completed an initial 1,350 BTC purchase as part of a planned $1 billion SAFU fund conversion, acquiring the coins at an average price near $77,900 during a recent market drawdown.
According to on-chain data shared by the exchange, the funds were moved from multiple Binance-controlled wallets into a designated SAFU Bitcoin address. Binance stated the full conversion is expected to be completed within 30 days.
The purchase comes as Bitcoin experienced heightened volatility and significant liquidations, leaving many recent ETF buyers holding BTC above current market prices.
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