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

Ronin Network Halts Operations After Whitehat Suspected $11.3M Exploit

SEC Settles Fraud Allegations Against Ideanomics Over Misleading Financial Reports

Investors Increase Funding for Fewer Crypto Projects

Pepe Coin Shows Bullish Signs as New High-Staking Crypto Presale Project Hits $8 Million Amid Mar...

Binance Moves 137 Billion Shiba Inu (SHIB): Details

Binance Labs Unveils First Batch of Projects in Season 7 Incubation Program

Join our free newsletter for daily crypto updates!