Justin Sun Raises Curiosity With Stablecoins Deposit on Binance

PeckShieldAlert, an X account of the blockchain security company PeckShield, has identified some significant crypto token transfers on-chain. The alerts handle spotted a transfer of about 119,700 TUSD by a Justin Sun-labeled wallet from the Venus lending DeFi platform into the Binance exchange. PeckShieldAlert also noticed another Justin Sun-labeled address on Tron that transferred 90 BTCT to the Black Hole.

The volume and nature of Sun’s recent transactions have raised the curiosity of several crypto users. In addition, the timing of the transfers made many people suspect Sun might be preparing to accumulate some profit-oriented cryptos.

Crypto users, especially whales like Sun, prefer to store their digital assets away from centralized exchanges and in stablecoins that are less prone to price fluctuations. They transfer the stablecoins to crypto exchanges when they plan to exchange them for more volatile cryptos like Bitcoin and Ethereum in anticipation of profitable trading opportunities.

Sun’s intentions for making the recent transfers remain unknown. However, this happening at a time when the crypto community is anticipating a bull run makes several users suspect he could be getting ready to buy one of the volatile crypto tokens.

The bull run anticipation is backed by several factors, including the expected approval of several spot ETFs and the upcoming Bitcoin halving in 2024. While the Bitcoin halving is sacrosanct, the spot ETF approval remains uncertain despite a rising probability that it would happen.

The Bitcoin price spiked two days ago following a false ETF approval alarm by a crypto-journalist. The impact of the false alarm revealed the level of expectation within the crypto community of how the ETF approval could affect the crypto market. Bitcoin surged 10% within minutes of the rally and has retained 50% of the gains made during the spike.