Home - Blockchain - Justin Sun Transfers 100 Million USDT to Accumulate BTC and TRX


June 8, 2022

Justin Sun Transfers 100 Million USDT to Accumulate BTC and TRX

In one of the most recent tweets, the sophisticated blockchain monitoring company Whale Alert informed the public about the transfer of 100,000,000 USDT from an unknown wallet to Binance. This transaction took place recently.

Justin Sun, the creator of TRON and the CEO of BitTorrent, reposted Whale Alerts’ tweet over an hour later, saying that Tron DAO Reserve was the one responsible for making the transfer.

He said in a tweet that he had shifted one hundred million USDT to acquire more BTC and TRX in order to bolster its reserves. However, a number of individuals responded to his tweet by inquiring as to the reason why he was adding additional TRX to the reserve. Some people have even poked fun at LUNA by stating that they recall what occurred the last time someone began purchasing Bitcoin for their reserve. These people are referring to the last time someone did this.

In a similar development, the bear market has seen a significant increase in the number of institutional investors purchasing bitcoin. According to data provided by CoinShares, investments in bitcoin are on the rise, while money dedicated to ether seem to be decreasing.

It would seem that investors are taking advantage of the chance to stockpile as much Bitcoin as they can at the price of Ether and other alternative cryptocurrencies. The amount of $32 million that was withdrawn from Ether funds was the fourth consecutive week of negative returns. In 2018, there was a total of $357.4 million worth of withdrawals from ether investment products.

Also Read:  Bitcoin Market Profitability Turns Bearish-Here’s What That Means for the BTC Price

It would seem that the cryptocurrency market is unable to break free of the gravitational pull of the regular financial sector. Additionally, the price of bitcoin has been falling for the last nine weeks in a row. During the month of May, a Canadian Bitcoin ETF was able to amass 6,900 BTC, in addition to the purchases made by institutional investors.

Despite the fact that bitcoin is not in its greatest state right now, investors are scrambling to get their hands on as much of the cryptocurrency as they can and store it away.