Justin Sun, founder of Tron (TRX), is one of the world’s leading cryptocurrency It is claimed that he initiated a large USDT transfer to the exchange Binance. This move, involving millions of dollars, comes at a time when the cryptocurrency market is witnessing a downward trend.
An address thought to be associated with Justin Sun, according to Lookonchain BinanceHe deposited approximately 50 million USDT to . This transaction is part of a broader activity in which the address in question moved $439.5 million last month. 371 million USDT of this amount entered Binance.
Justin Sun’s Market Speculations and Timing
Koinfinans.com As we reported, the reason behind this important transfer remains unclear. However, market observers believe that this was done by Tron’s founder. USDT He thinks it could be a strategic move to sell assets and take advantage of the market decline by acquiring more crypto assets at lower prices. This speculation is gaining traction, especially considering the timing of these transactions aligns with the market’s decline.
At this point, the crypto market showed a 1.05% decrease in total capitalization at $1.73 trillion.
Broader Market Impact
The broader market is not immune to this bearish trend either. solana Major cryptocurrencies such as (SOL) and Avalanche suffered notable losses. SOL led this downtrend with a 9% decline, followed by Avalanche with a 6% loss in 24 hours.
This sell-off is in line with the general market behavior in early 2024, when investors took profits following an impressive Bitcoin rally. This rally comes in anticipation of the US potentially approving the first spot-based Bitcoin ETF.
Moreover, BitcoinThe price of has recently dropped sharply, losing over $3,000 in value in a short period of time. This decline followed a relatively steady trading session in anticipation of the ETF being approved in the US. Simultaneously, the US stock market also struggled. Stock futures have struggled. Additionally, the dollar index rose, further increasing the uncertainty in the market.