Weird indeed...  i don't think its related to BNB, though, since they are converting specifically the *recovery fund*  only to bitcoin....

Maybe they are preparing to survive a market wide naked short squeeze? 

If you need to honor bitcoin withdrawals, having fiat in the recovery fund won't help if there is not enough bitcoin being sold in the market...

This is stupid. Maybe if CZ stops selling Bitcoin to keep BNB propped up they wouldn't have to do this to try and rally the market. I have no proof but I firmly believe something funny is going on with BNB.

grayruby

Binance will convert the SAFU fund’s $1 billion stablecoin reserves into Bitcoin reserves, with plans to complete the conversion within 30 days of this announcement.

I feel like I've been hearing this line more frequently "Guided by our belief that BTC serves as the core asset in the crypto ecosystem and represents long-term value."

bitcoin

Binance: An Open Letter to the Crypto Community

ch0k1

> Binance will convert the SAFU fund’s $1 billion stablecoin reserves into Bitcoin reserves, with plans to complete the conversion within 30 days of this announcement.

I feel like I've been hearing this line more frequently "Guided by our belief that BTC serves as the core asset in the crypto ecosystem and represents long-term value."