☑️✅According to information from reserve audits, the exchange purchased around 100,000 BTC and 550,000 ETH between March 12th and May 1st, amounting to approximately 3.5 billion USDC. Binance had an excess of 3.5 billion USDC, but this decreased to 24 million.
As a reminder, significant troubles arose for Silvergate in March, leading to the bank's closure. The issue was compounded by Circle holding a substantial amount of funds in the bank, causing an immediate depegging of USDC upon the news.
Interestingly, during this time, Bitcoin surged from $23,000 to $31,000, and Ethereum from $1,400 to $2,100. This happened precisely after the Silvergate collapse and when Binance was making its purchases.
As Binance sold only part of its investments afterwards, the $25,000 range is now an area of strong buyer interest, and the exchange will try hard to prevent the price from dropping below it. This is yet another reason for buying in the event of a correction.