Binance CEO Hits Back at Rumors of Exchange Selling Bitcoin for BNB Coin

Bitget App

Trade smarter

Bitget

News

Markets

Binance CEO Hits Back at Rumors of Exchange Selling Bitcoin for BNB Coin

Coindesk2023/06/14 07:20

By:Shaurya Malwa

Crypto traders on Twitter are citing data that suggests bitcoin has been traded to keep BNB afloat.

Binance CEO Changpeng "CZ" Zhao dispelled rumors that the world’s largest crypto exchange has been selling bitcoin (BTC) to keep the prices of bnb coin (BNB) from falling below certain levels.

“Binance have not sold BTC or BNB. We even still have a bag of FTT,” Zhao tweeted early on Wednesday, using his infamous “4” moniker. He suggested there could be among Crypto Twitter members fueling the supposed rumors.

On Tuesday, tweets from popular traders @JW100x and @52kskew, which pointed to short-term price correlations between a sell-off in bitcoin (BTC) and a purchase of BNB, went viral. The tweets were viewed over 3 million times cumulatively, as per Twitter data.

“USDT reserves have been pumped into BNB aggressively since 27th May. BNB is being sold off for BUSD to suppress volatility in BTC,” @52kskew tweeted. “BUSD is pumped into BTC to suppress downside volatility so BTC can be swapped out for USDT.”

Elsewhere, @JW100x said: “As spot Bitcoin is sold off, BNB is purchased, which defends the $220 liquidation but also caps the upside potential of Bitcoin. It is a total house of cards”

BNB prices are up 6.6% in the past 24 hours while bitcoin has seen nominal declines, CoinGecko data shows.

Edited by Parikshit Mishra.

152

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

Real yield protocols are gaining traction as a resilient sector in the crypto market, enabling users to navigate both bull and bear cycles effectively. Unlike narrative-driven projects that rely on token sales, real yield projects generate actual protocol revenue and return value to the community through mechanisms like fee buybacks and token burns. These sustainable business models offer greater resilience across market cycles, making them well-suited for mid- to long-term allocations. Projects such as AAVE, JTO, JUP, and CAKE have established robust revenue frameworks, serving as leading examples across the EVM, Solana, and BSC ecosystems — and are well worth watching.

Bitget VIP•2025/05/09 07:32