The world’s largest cryptocurrency exchange, Binance, has made a significant move on Bitcoin (BTC) despite the coin’s downward journey.
Lookonchain, an on-chain analytics platform, reported that Binance purchased 3,600 BTC valued at approximately $233.37 million.
Notably, this purchase was initiated through the Binance Secure Asset Fund for Users (SAFU).
This is Binance’s emergency insurance reserve meant to protect users during periods of challenge, like hacks or liquidity problems.
This new purchase by Binance SAFU takes the total volume of Bitcoin bought to 6,230 BTC, as it previously held 2,600 BTC.
The total value of its Bitcoin holding now stands at about $434.5 million.
The move also signals institutional accumulation at a time when the Bitcoin price outlook is bearish.
Market watchers are likely to interpret the development as mildly bullish and could have some impact in slowing down the downward plunge of Bitcoin.
As of this writing, Bitcoin is changing hands at $64,598.81, which represents a 9.3% decrease in the last 24 hours.
Earlier, Bitcoin lost over $10,000 as it crashed from a peak of $71,802.46 to a low of $60,074.20 before climbing to its current price.
Trading volume has surged by 78.12% to $144.55 billion as it appears many other investors are also engaged in accumulation.
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