2024

Millions

Bitcoin

TRON

<p>The post <a href="https://coinpedia.org/news/justin-sun-moves-millions-in-bitcoin-to-binance-whats-cooking/">Justin Sun Moves Millions in Bitcoin to Binance, What’s cooking?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Bitcoin (BTC) the world’s biggest cryptocurrency has maintained its position above the $60,000 level for four consecutive trading days and is currently consolidating within a tight range. Amid this consolidation, <a href="https://coinpedia.org/news/justin-sun-linked-wallet-buys-38m-of-ethereum-amid-price-crash/">Justin Sun</a> the founder of HTX and TRON has gathered widespread attention due to his significant BTC transfer to Binance.</p> 
<h2 class="wp-block-heading" id="h-justin-sun-moved-30-million-btc-to-binance"><strong>Justin Sun moved $30 million BTC to Binance</strong></h2> 
<p>On August 11, 2024, the on-chain analytic firm Spotonchain made a post on X (previously Twitter) that Sun had transferred a notable 500 BTC worth $30.3 million to a Binance deposit. However, he later transferred 513.4 BTC worth $31.2 million to a new wallet.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Justin Sun transferred 500 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> ($30.3M) to a <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> deposit and 513.4 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> ($31.2M) to a new wallet ~1 hour ago.<br><br>So far in 2024, he has deposited a net amount of 2,969 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> ($164M) to <a href="https://twitter.com/hashtag/HTX?src=hash&amp;ref_src=twsrc%5Etfw">#HTX</a> and <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> at ~$55,185.<br><br>Notably, Justin Sun often claims to be a strong supporter of… <a href="https://t.co/YTVz4I0BXM">pic.twitter.com/YTVz4I0BXM</a></p>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1822342951902613805?ref_src=twsrc%5Etfw">August 10, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>However, it is highly unpredictable what he plans to do. So, far in 2024, he has deposited a massive 2,969 BTC worth $164 million to HTX and Binance at an average price of $55,185.</p> 
<h3 class="wp-block-heading" id="h-btc-price-overview"><strong>BTC price overview</strong></h3> 
<p>Following this massive transfer, there hasn’t been any impact on the price of BTC. At press time, BTC is trading near the $61,000 level and has experienced a price jump of 0.5% in the last 24 hours. Despite the price stability, BTC’s trading volume has dropped by over 55% during the same period. This decrease in the trading volume suggests lower participation from traders and investors.</p> 
<p>Meanwhile, BTC’s open interest also seems to be struggling as it experienced a 0.5% increase in the last 24 hours. This stability in the OI indicates a lower interest from traders.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-bitcoin-technical-analysis"><strong>Bitcoin technical analysis</strong></h2> 
<p>Experts suggest that BTC is in an uptrend as it is moving above the 200 Exponential Moving Average (EMA) on a daily time frame. However, it has been in a consolidation phase for the last 4 days. A breakout of this consolidation will play an important role in the upcoming price rally.&nbsp;</p> 
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/08/11072512/BTCUSDT_2024-08-11_07-24-57.png"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/11072512/BTCUSDT_2024-08-11_07-24-57-1024x448.png" alt="" class="wp-image-337124" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/11072512/BTCUSDT_2024-08-11_07-24-57-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/11072512/BTCUSDT_2024-08-11_07-24-57-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/11072512/BTCUSDT_2024-08-11_07-24-57-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/11072512/BTCUSDT_2024-08-11_07-24-57-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/11072512/BTCUSDT_2024-08-11_07-24-57-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/11072512/BTCUSDT_2024-08-11_07-24-57.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure> 
<p>If BTC gives a breakout of this consolidation zone and closes a daily candle above the $61,700 level, there is a high possibility it could soar to the $68,000 level. Conversely, if BTC gives a breakdown of this consolidation zone, there is a high chance it may experience a massive sell-off to the $58,000 level.</p>

Justin Sun Moves Millions in Bitcoin to Binance, What’s cooking?

Table of Contents

CoinPedia News

Other articles published on Aug 11, 2024

Solana Remains on the Security Status Hook Despite SEC's Court Move

Kaspa (KAS) Price Uptrend Continues: Can It Break $0.2000?

Weekly Article Recap: 8/05-8/09

African Union Approves AI Strategy to Propel Development Across Member States

Tornado Cash developer asks for more funding in legal battle

US Policy Group Proposes Bitcoin Tax-Free Zone to Boost Digital Economy

Join our free newsletter for daily crypto updates!