Millions of Bitcoin Moved to Binance by Justin Sun: What’s Cooking?
The largest cryptocurrency in the world, Bitcoin (BTC), has been trading above $60,000 for the past four trading days and is now consolidating inside a narrow range. The founder of HTX and TRON, Justin Sun, has drawn a lot of attention during this consolidation because of his sizable Bitcoin transfer to Binance.
Justin Sun sent $30 million in bitcoin to Binance.
The on-chain analytics company Spotonchain announced on X (formerly Twitter) on August 11, 2024, that Sun had moved a significant 500 BTC worth $30.3 million to a Binance account. But afterwards, he moved 513.4 BTC, or $31.2 million, to a another wallet.
About an hour ago, Justin Sun moved 513.4 $BTC ($31.2M) to a new wallet and 500 $BTC ($30.3M) to a #Binance deposit. He has deposited a total of 2,969 $BTC ($164M) to #HTX and #Binance at a rate of about $55,185 thus far in 2024. Notably, Justin Sun frequently asserts that he is a fervent advocate for… snapchat.com/YTVz4I0BXM
August 10, 2024 Spot On Chain (@spotonchain)
Still, it’s really unclear what he has planned. In 2024 thus far, he has deposited a staggering 2,969 Bitcoin to HTX and Binance, valued at $164 million, at an average price of $55,185.
Overview of Bitcoin prices
There has been no change in the price of Bitcoin after this large transfer. As of this writing, Bitcoin is trading close to $61,000 and has risen 0.5% in value over the previous day. The trading volume of Bitcoin has decreased by more than 55% in the same time frame, despite the price stability. The decline in trading volume indicates a decline in trader and investor engagement.
Even though BTC’s open interest increased by 0.5% over the previous day, it appears that the cryptocurrency is having trouble. The OI’s steadiness suggests that traders are less interested.
Technical analysis of Bitcoin
Given that Bitcoin is consistently rising above the 200 Exponential Moving Average (EMA), experts believe the cryptocurrency is in an uptrend. But for the past four days, it has been in a consolidation phase. An key part of the impending price rally will come from a breakout of this consolidation.
It is quite likely that BTC will rise to the $68,000 level if it breaks out of current consolidation zone and closes a daily candle above the $61,700 mark. On the other hand, there’s a good risk that Bitcoin will undergo a significant sell-off down to $58,000 if it breaks out of this consolidation zone.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
X : cryptomantr