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#Binance Completes $1 Billion Bitcoin Purchase for Emergency Fund

Binance has converted its $1 billion Secure Asset Fund for Users (SAFO) entirely into #bitcoin . The final round of purchases on Thursday brought the SAFO holdings to 15,000 Bitcoin, worth about $1.005 billion.

The conversion was completed ahead of the original 30-day timeline. Binance acquired the entire position at an average cost of about $67,000 per Bitcoin.

SAFO was previously comprised of various assets, including stablecoins, to cover user losses in the event of a hack or other unforeseen event. The fund is now held entirely in Bitcoin.

Binance has assured that reserves will be replenished if the fund’s value falls below $800 million due to severe market volatility.

### Recent Major Purchases

Thursday’s purchase was worth about $304 million, three days after a $300 million purchase on Monday. According to Binance, the move demonstrates its strong commitment to Bitcoin as a long-term institutional reserve asset.

On February 2, Binance initiated an on-chain process, transferring about 1,315 million Bitcoin (about $100 million) from hot wallets to Safo. This is considered one of the most significant examples of a large treasury-style reallocation into Bitcoin by a crypto exchange.

### Market Conditions and Smart Money Positions

All of this occurred at a time when overall market conditions were extremely negative. The crypto fair and grade index fell to a record low of five — a sign of heightened fear.

Smart money traders are positioning themselves in the major crypto currencies on the expectation of further declines, according to blockchain analytics firm Nansen. According to the report, these traders have a combined net short position of $105 million in Bitcoin, while most major digital currencies are also net short, with the exception of Avalanche.
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