2024-01-21 07:35:06
With the transformation of Grayscale GBTC into a Bitcoin spot ETF, the cryptocurrency market has seen a downward trend recently following investors took profits following selling in large quantities. However, it is not just Tron founder Justin Sun who moved funds from Binance to the chain. Some giant whales began to choose to open positions at this time.
(Previous summary: HTX hacked follow-up” BTC deposits and withdrawals have been resumed, and Sun Yuchen promised: Compensation for “epic airdrops” next week)
(Background supplement: Is there a mole? Justin Sun’s platform was hacked 4 times in two months, resulting in losses exceeding US$200 million (Poloniex, HTX, Heco))
Recently, the cryptocurrency ecosystem surrounding TRON founder Justin Sun has been experiencing turmoil. First, the fifth largest stablecoin by market value, TUSD (TrueUSD), decoupled on the 16th, and Huobi Exchange (HTX) also welcomed the Come crash on a massive scale.
Withdraw 60 million magnesium equivalent tokens
According to Lookonchain datasince December 18, 2023, Sun Ge began to withdraw assets from the cryptocurrency exchange Binance and hoard a large amount of coins on the chain. The total withdrawal value reached 60 million U.S. dollars equivalent in cryptocurrency assets, including a variety of cryptocurrencies. Currency, the largest proportion is 17,433 ETH, worth up to 43 million US dollars.
Extended reading: The tide of giant whales entering the market》Sun Yuchen added 17,433 ETH, and the mysterious address transferred 735 million USDT to the exchange
In addition, during this month, he also withdrew 68,999 AAVE (worth US$6.7 million), 656.4 billion SHIB (worth US$6.3 million), 61,249 LINK (worth approximately US$957,000), 27.1 billion FLOKI (worth approximately $885,000) and 1.7 million MANA (worth approximately $826,000). In addition, he withdrew 100,100 BAND from Binance, worth approximately $168,000.
Source：Lookonchain
Giant whales aim at hoarding opportunities
As Grayscale GBTC transformed into a Bitcoin spot ETF, the price of Bitcoin has fallen recently, oscillating around $41,000 following investors took profits following selling.
However, it was not just Justin Sun who was hoarding coins. Many whales on the chain chose to start establishing positions at this time. Lookonchain also detected this weeka whale investorpurchased a total of 700 BTC at a price of US$41,948, with a market value of US$2.93 million.
The giant whale has recently chosen to establish a position
In addition, another whale who is good at short-term buying low and selling high ETH also spent US$8.9 million on Friday (19th) to purchase a total of 3,600 ETH at prices ranging from US$2,000 to US$2,500.
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