Binance’s CZ Urges Resilience as US Banks Load Up on Bitcoin

Wells Fargo, a major bank in the U.S., has also joined the crypto bandwagon, accumulating Bitcoin in large quantities while sparking reactions from the crypto community, including Binance founder Changpeng Zhao.

The move, which has come amid rising uncertainty across the broad crypto market when Bitcoin has continued to show mixed price action, has seen Binance’s CZ indirectly urge traders to maintain resilience.

Binance CZ acknowledges growing Bitcoin institutional adoption

In response to this bullish move, Binance’s CZ has delivered a strong statement to help traders make better financial decisions at a sensitive time like this, noting that U.S. banks were loading up on Bitcoin while they were panic selling.

While such large Bitcoin purchases by legacy banks rarely happen by accident, the move from Wells Fargo could not have gone unnoticed, and it has ignited investors’ confidence despite the growing fear and uncertainty looming across the market.

Although Bitcoin’s price is currently unstable, the massive purchase from the bank signals long-term positioning and expectations of future growth in the world’s leading cryptocurrency, Bitcoin.

While Bitcoin has continued to hover around the $90,000 mark since the major purchase happened, the asset has shown a modest increase in its price over the last day. With this decent daily price surge, Bitcoin is trading at $90,540 at the time of writing.

655,498 BTC sits on Binance

While traders are increasingly offloading their Bitcoin holdings amid the looming fear and uncertainty witnessed across the market, the asset’s exchange reserve shows a clear sign of increasing selling pressure.

Recent on-chain data has shown that 655,498 BTC is currently sitting on Binance as traders have returned more tokens to the exchange over the last day.