Category: Bitcoin News

Binance traders face $1B SAFU pivot into Bitcoin dip‑buying spree

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Binance has bought another 3,600 BTC for its SAFU fund, lifting the stash to 6,230 BTC as it races to convert roughly $1B in user‑protection reserves into Bitcoin within 30 days. Summary Binance says it “completed the purchase of 3600 BTC for the SAFU Fund, amounting to 250M USD stablecoins,” and that its SAFU BTC address now holds 6,230 BTC as it works to finish the full $1B conversion window.​ The exchange first announced the pivot on Jan. 29, promising to move about $1B in SAFU reserves out of dollar‑pegged…

Bitcoin Briefly Crashes on Bithumb After Alleged 2,000 BTC Airdrop

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South Korean crypto exchange Bithumb was thrust into the spotlight on Friday after claims surfaced on social media that an internal error led to the accidental distribution of 2,000 Bitcoin to users, triggering a sharp price dislocation on the platform. Summary Bitcoin on Bithumb briefly traded more than 10% below other major exchanges following reports of an internal airdrop error. Social media claims, echoed by Lookonchain, allege a staff mistake sent 2,000 BTC ($133M) instead of a small KRW reward, triggering heavy sell pressure. Bithumb has not confirmed the incident,…

Bitcoin traders face possible 70% drawdown with $38k target in play

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An analyst warns Bitcoin could revisit ~$38k if past 70% drawdown patterns repeat, while others argue deeper institutional flows may cap the correction nearer 55%–60%. Summary Analyst “Sherlock” maps past drawdowns of 93%, 86%, 84%, and 77% to project a roughly 70% drop this cycle, implying a Bitcoin bottom near $38,000.​ Critics on X counter that prior top‑to‑bottom moves versus bottom‑to‑top rallies suggest a shallower 55%–60% correction, arguing institutions could soften the downside.​ Sherlock replies that reflexivity can cut both ways, warning traders that trying to time a perfect bottom…

Bitcoin Core maintainers face shake-up as Gloria Zhao revokes PGP key

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Bitcoin Core maintainer Gloria Zhao has revoked her signing PGP key and stepped down, ending a six-year run of mempool-focused work that reshaped transaction policy. Summary Zhao confirmed on GitHub on Feb. 5 that she revoked her maintainer PGP key, formally ending her role signing Bitcoin Core releases. She became the first known woman Bitcoin Core maintainer in July 2022, when her key was added to the trusted-keys file alongside Pieter Wuille’s departure. Backed by Brink, the Human Rights Foundation and Spiral, she specialized in mempool policy, package relay (BIP…

Bitcoin investors face ‘harvest now, decrypt later’ quantum threat

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IBIT’s heavy Bitcoin flows and rising institutional demand collide with growing “harvest now, decrypt later” fears and BMIC’s push for post-quantum wallet security. Summary BlackRock’s iShares Bitcoin Trust now holds about 764,893 BTC, or roughly 3.64% of the eventual 21 million supply, intensifying focus on centralization and key management.​ Security researchers warn of “harvest now, decrypt later” attacks, where adversaries stockpile today’s encrypted blockchain data for future quantum decryption once ECC is broken. BMIC’s presale pitches a “Quantum Meta-Cloud” with ERC‑4337 smart accounts and signature‑hiding wallets that keep public keys…

Bitcoin’s Lightning Network clears record $1M transfer to Kraken

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Secure Digital Markets sent $1M in Bitcoin to Kraken over Lightning, showcasing near-instant, low-fee settlement for institutional-size payments. Summary Secure Digital Markets completed a $1M Bitcoin transaction to Kraken via Lightning on Jan. 28, the largest publicly reported Lightning payment so far. The pilot, powered by Voltage’s enterprise Lightning infrastructure, aimed to test high-value settlement between regulated counterparties with near-zero fees. SDM, Kraken, and Voltage executives say the transfer signals Lightning’s readiness for institutional treasury, venue-to-venue settlements, and faster exchange payments. Secure Digital Markets (SDM) completed a $1 million Bitcoin…

Peter Brandt says Bitcoin a ‘hop, skip and jump’ from $42k

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Veteran trader Peter Brandt said Bitcoin could be approaching a potential downside floor, arguing that past bear market patterns suggest losses may be limited from current levels. Summary Veteran trader Peter Brandt said Bitcoin may be nearing a downside floor, pointing to past bear market cycles that suggest losses could be limited near the $42,000 level. Brandt referenced a long-term “banana peel” support zone on his chart, which has historically marked areas where Bitcoin’s deepest drawdowns struggled to extend further. The comments come amid a broader crypto market downturn, with…

Bitcoin options worth $2.1B set to expire: Will $60K hold?

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Bitcoin price entered Friday under pressure as $2.1 billion in options contracts approach expiry. Summary A large Bitcoin options expiry is approaching with limited upside support. Most call positions sit far above current prices, reducing hedging demand. Traders are watching whether $60K can hold after the contracts settle. Bitcoin is facing another key test as a large batch of derivatives contracts reaches maturity. Bitcoin options worth about $2.1 billion are set to expire at 8:00 a.m. UTC on Feb. 6, according to data from Deribit. About 34,000 contracts are covered…