In a June 13 tweet, Binance CEO Changpeng Zhao talked about that the crypto substitute had no longer provided any Bitcoin (BTC) or Binance Coin (BNB), brushing off rumors of insider wash procuring and selling as “FUD.”

4. Binance hold no longer provided BTC or BNB. We even soundless hold a gain of FTT.

It is miles unparalleled they’ll know exactly who provided in step with appropriate a worth chart nice looking hundreds and hundreds of merchants. FUD. 🤷‍♂️ pic.twitter.com/M3MUH2bFRE

— CZ 🔶 Binance (@cz_binance) June 13, 2023

The rumors started circulating earlier in the day when diverse substitute watchers highlighted irregular procuring and selling philosophize on Binance.

Irregular worth motion on Binance.

Hundreds of promoting strain on bitcoin no longer present on other exchanges.

Extra cannon fodder that they could perchance doubtless be selling space BTC to prop up BNB.

The $220 level is being staunchly defended — could perchance doubtless be a liquidation level for a BNB-collateralized mortgage. https://t.co/EYfLJ1KIcX pic.twitter.com/7XGNLlzcpf

— Joe Consorti ⚡ (@JoeConsorti) June 13, 2023

Wash procuring and selling fancy craaaaaazzzzyyyyy on Binance appropriate now searching for to pretend there’s toughen for BNB. This looks sooooooo unpleasant for CZ.https://t.co/qCHjQCSXwD

— Cory Klippsten 🖐️ Swan.com 🦢 #Bitcoin (@coryklippsten) June 12, 2023

Market analyst “JW” accused Binance and Zhao of space selling Bitcoin to artificially prop up the worth of BNB, in voice to prevent a liquidation waterfall.

“As space Bitcoin is provided off, BNB is bought, which defends the $220 liquidation nonetheless furthermore caps the upside doable of Bitcoin. It is miles a total dwelling of playing cards,” JW talked about.

Technical prognosis platform Skew confirmed JW’s findings, announcing that BTC regarded to be provided off for USDT reserves. This USDT became in flip being pumped into BNB aggressively since Would possibly merely 27, famed the analysts. Meanwhile, BNB became being provided off for BUSD to suppress downside volatility in BTC, in declare that this BTC could perchance doubtless be swapped for USDT.

“Right here’s technically market manipulation, Binance is surely as a lot as something here to prevent BNB from crashing as neatly BTC,” talked about Skew.

On-chain analyst Dylan LeClair furthermore weighed in on Skew’s observations, opining that BNB “is clearly a pretend market.”

“It served as beta all bull market and now is procuring and selling with much less realized vol then BTC. CZ is the handiest purchaser, and OI [Open Interest] is coming extra from other exchanges than ever sooner than. Dangle an even time forking over $150m in stables to pay those Venus loans as neatly…,” tweeted LeClair.

Earlier this week, the Venus Protocol confirmed that the BNB Chain would be taking up because the one real real liquidator of a space created by the BNB tainted-chain bridge exploiter in October to prevent a $200 million liquidation match that will perchance perchance doubtless be introduced about if BNB’s worth falls below the $220 designate.