The cryptocurrency market suddenly turned upside down. While the market was looking forward to the SEC’s spot Bitcoin ETF approval, the possibility of a different decision turned the market upside down. Leading cryptocurrency Bitcoin suddenly saw a 7 percent loss. However, there is also an increase in whale activity in the market. Tron inventor is moving millions of USDT to Binance, Lookonchain reported. It was also reported that a giant whale bought 182 million USDT Coins from TetherTreasury and deposited them in exchanges.
Lookonchain: Tron inventor moves USDT Coin to Binance!
cryptokoin.comAs you’ve seen from , rumors around the spot Bitcoin ETF have flooded the market. It is noteworthy that the timing of Tron inventor Justin Sun’s transfers coincided with the decline in the crypto market. According to on-chain analytics platform Lookonchain, an address suspected to be Tron founder Justin Sun deposited 50 million USDT Coins to Binance in recent hours. Lookonchain stated that the address in question attracted 439.5 million USDT last month. He also noted that he deposited some of it (371 million USDT) to the Binance crypto exchange.
The reason for the move is unknown. Perhaps the Tron inventor wants to buy the dip, experts say. Thus, it is preparing to accumulate more crypto assets at lower prices. For this reason, he collects his USDT on exchanges to sell it.
Lookonchain: Giant whale is piling USDT into exchanges!
Elsewhere, Lookonchain reported that a giant whale sent 182 million USDT Coins to major crypto exchanges Coinbase and Kraken. In addition, the analytics platform also shared a chart comparing the simultaneous BTC price with these USDT Coin transfers. Some interesting points attract attention in this graph. For example, after this whale transfers USDT to the exchanges, there are significant increases in the BTC price. In this context, the analytics platform shared the following:
This giant whale received 182 million USDT from TetherTreasury again today and deposited it in the exchanges. Whale has received a total of approximately 2 billion USDT Coins from TetherTreasury since October 20 and deposited them to Binance!
Tron inventor made his move amidst the sharp decline in the market!
By the way, the timing of Justin Sun’s transfers is quite significant. Following the latest developments, the total market value decreased by 6.76%. Thus, it fell to 1.63 trillion dollars as of press time. It was noteworthy that the Tron inventor’s move coincided with the decline in the crypto market. BTC was trading at $42,435, down 7% in the last 24 hours.
A handful of crypto assets are likewise experiencing steep losses on a 24-hour basis. Solana (SOL) recorded the biggest loss among the top 10, falling 14.43%. Avalanche followed closely behind with a daily loss of 12.62%. The sell-off was perhaps fueled by investors locking in profits for early 2024 as Bitcoin rose ahead of expected spot-based ETF approval in the US.
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