Binance Founder CZ Drops Bombshell: Are Banks Buying the BTC Dip as Retail Runs Scared?

• Wells Fargo purchased Bitcoin while retailers sold under panic.
• The top U.S. bank now has approximately $383 million worth of Bitcoins.
• Bitcoin dropped from an all-time high of over $126,000.

According to Binance founder Changpeng Zhao, U.S. Banks were on a Bitcoin purchasing spree at a time when many retailers panic-sold their holdings. Zhao made the statement in his latest post on X, highlighting details about Wells Fargo purchasing $383 million worth of Bitcoin.

Wells Fargo’s Shift in Attitude Toward Bitcoin

Notably, Zhao’s post reflected his belief in the long-term growth and sustainability of Bitcoin. By highlighting Wells Fargo’s reported purchase, Zhao revealed the approach of top banks and institutional participants in the cryptocurrency industry, which suggests a pattern that involves seizing the opportunity of declining prices to load their portfolios with more affordable units of the digital asset.

Related: XRP’s Path to a New All-Time High: ETF Hopes & Wells Fargo Boost

According to reports, Wells Fargo invested heavily in Bitcoin ETFs last year, marking the bank’s bold step into the cryptocurrency arena. The bank purchased Bitcoin ETFs in tranches, highlighting a shift in the financial institution’s attitude toward virtual assets. Most analysts considered Wells Fargo’s Bitcoin initiative a significant moment, which marked a shift from being careful to becoming confident about cryptocurrency.

Aiming for Better Prices During Bitcoin’s Decline

It is worth noting that Zhao’s emphasis goes beyond Wells Fargo’s venturing into the Bitcoin space. The renowned crypto personality focused on the timing and pattern of the bank’s activities. As of Q2 2025, reports show that Wells Fargo’s Bitcoin ETF investment was approximately $160 million. However, this value more than doubled before the end of the year, with the bank’s ETF holdings surging to $383 million.

Related: Bitcoin Price Prediction: ETF Outflows Deepen Selling Pressure

Of further interest is the fact that Wells Fargo’s swelling Bitcoin ETF portfolio coincided with a period when Bitcoin’s price collapsed, dropping from an all-time high of over $126,000 to below $90,000. This trajectory supports Zhao’s long-lasting opinion about Bitcoin’s growth, which has remained extremely bullish over the years.

According to data from TradingView, Bitcoin traded for $90,638 at the time of writing, remaining in a price region that most cryptocurrency proponents believe to be a fair price for a digital asset they expect to grow in value over time.