Why Binance’s $200M Bitcoin Conversions Haven’t Moved the Market

Binance has completed two $100 million stablecoin-to-Bitcoin conversions from its Secure Asset Fund for Users (SAFU), totaling $200 million, or 20% of a $1 billion target, as part of a 30-day plan announced on January 30, 2026.

The batches, about 1,350 BTC each, were moved into the SAFU wallet, and on-chain data indicates much of the activity is internal reallocation rather than fresh open-market buying. The planned pace averages roughly $33 million per day, signaling gradual accumulation while Bitcoin traded largely flat around $76,300–$76,700 as of February 4.

Broader macro pressure and liquidation overhang have offset the conversions' structurally bullish signal. The SAFU fund’s floor mechanism, which calls for top-ups if value drops below $800 million, makes the program defensive and long-term in nature; with about $800 million still to convert, the strategy could provide steady support over time even as near-term price effects remain muted.

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