NewsletterSmart Money Buying Crypto Amid US SEC Binance Crackdown
As SEC launches crackdown on Binance, some investors took this opportunity to buy the dip and even support the crypto exchange giant.
As per Etherescan data, the institutional crypto trading platform FalconX received 37 million USDC from Circle and deposited 29.5 million of those into Binance.
Investors look to buy dip amid Binance crackdown
Since the US SEC filed a lawsuit against Binance on Monday, the prices of leading cryptocurrencies have suffered significantly. Bitcoin is trading at $25,700, down over 4% in the last 24 hours, ETH is trading at $1,816, down 3% during the same period. Binance’s BNB is down nearly 8% in 24hrs.
Some smart money took this as an opportunity to buy the dip. Etherscan data shows specialized crypto trading and market making firm Cumberland withdrew 67.9 million USDC from Circle and deposited 67.1 million of those stablecoin to Coinbase.
Whales buy the dip
Blockchain investment firm FBG Capital deposited 44 million USDT to Binance following the SEC crackdown. Lookonchain spotted a crypto whale that withdrew 703,871 USDC and more than 2.5 million USDT from decentralized finance platform Aave before buying some $3.35 million in ether at an average price of $1,810.
Despite the major commotion in the industry, the crypto market’s period of low volatility remained largely unaffected. The prices of the leading cryptocurrencies fell across the board, but volatility remains low and implied options volatility compressed, indicating a belief that market volatility will remain low.
Major crypto personalities have come in support of Binance amid the US SEC lawsuit. BitMEX co-founder Arthur Hayes in a tweet said that the market is down on some “Binance FUD” and expressed a positive scenario for the future. Changpeng Zhao earlier polled his followers asking “who protects invetors better? Binance or SEC?” Most of his followers clicked on Binance.
The world’s largest crypto exhange by trading volume has been under investigation from different regulatory bodies in the US, including CFTC, SEC, IRS and even the Department of Justice.
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