Justin Sun Moves $61.5M Worth of BTC to Binance and a New Wallet, Sparking Speculation

Justin Sun, the founder of HTX and TRON has moved a significant amount of BTC to Binance valued at about $30.3 million. This action was observed by Spotonchain who noted the transaction of 500 BTC to the Binance exchange.

Cryptocurrency prices today: Bitcoin, Ethereum trade flat as trading volume drops

Justin Sun, the founder of HTX and TRON, has moved a significant amount of Bitcoin (BTC) in two transactions, as observed by Spotonchain.

On Wednesday, Sun transferred 500 BTC ($30.3 million) to a Binance deposit and 513.4 BTC ($31.2 million) to a new wallet address, according to the blockchain tracking service.

This activity has sparked discussion within the crypto community, with some speculating on Sun's possible plans.

According to data from Spotonchain, Justin Sun has sent 2,969 BTC (about $164 million) to HTX and Binance so far in 2024.

These transactions were carried out at an average rate of $55,185 per Bitcoin.

Despite the large transactions, there was no significant price volatility in the market.

Bitcoin’s market stability amid Sun's activities

The price of Bitcoin has been relatively stable for the past few days, hovering above $60,000.

This stability comes despite a 50% decrease in trading volume, which indicates low activity by traders.

However, the price could either rise or fall based on market trends.

Bitcoin is currently in a consolidation phase, which means it could either rise or fall depending on the events that are taking place in the market.

Technical analysis shows that the Bitcoin MACD on the daily chart paints a bullish picture, with the MACD line crossing the signal line.

This upward trend, which began in early August, indicates a stable market with the bulls in control.

Moreover, the MACD histogram, which represents the difference between the MACD line and the signal line, has also crossed into positive territory, indicating a buy signal.

Concerns over Justin Sun's involvement in WBTC custody changes

In a related development, MakerDAO has expressed concerns over Justin Sun's participation in the new WBTC custody model.

BitGo, a principal custodian of WBTC, will transfer its management to a new joint venture with BiT Global.

This move will increase Sun's involvement in the project, prompting MakerDAO to consider risk mitigation strategies.

MakerDAO is discussing whether to set the debt ceilings on the WBTC-related vaults to zero to address potential risks in the event of a change in custody under Sun's direction.

This is especially relevant given the TRON founder's past involvement in other cryptocurrency projects that have faced scrutiny.

Justin Sun, responding to the claims, has asserted his involvement in WBTC management, stating that his role is more tactical and that he does not have control over the private keys or the ability to shift BTC assets.

This statement comes amid a broader effort to assuage the crypto community's concerns regarding Justin Sun's influence.

Recently, BitGo's collaboration with the TRON ecosystem and the transfer of WBTC custody control to a joint venture is a major development, especially considering that BitGo, with its new license from the Monetary Authority of Singapore, could reshape the regulation of crypto custody services in Asia.

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