Binance completes $1 billion Bitcoin conversion for its emergency fund, now holding 15,000 Bitcoin worth over $1 billion. The last $304 million tranche was acquired at an average cost basis of $67,000 per coin. The exchange will rebalance the fund if volatility pushes its value below $800 million.

Crypto investor sentiment hits record low as Bitcoin drops below $60,000, fear index plunges to five. Smart money traders hedging for more downside, net short on Bitcoin for $105 million. Avalanche token sees $10.5 million in net cumulative long positioning, according to Nansen.

Bitcoin correction results in 16% of tokens at a loss, highest pain point since Terra implosion. Market structure showing signs of stabilization, with derivative positioning cautious and funding rates neutral to slightly negative. Open interest in native BTC terms returning to early-February levels, indicating stability rather than expansion.

Read more at Cointelegraph: Binance Completes $1B Bitcoin Conversion for SAFU Fund