Justin Sun, TRON Founder, Breaks Silence on $69,000 Bitcoin Long Position
In a surprising turn of events, Justin Sun, a prominent figure in the crypto industry and chief adviser to Huobi, has opened up about his investments in a recent social media post. Despite rumors circulating about his involvement in the market, Sun expressed his confidence in Bitcoin's future but clarified that he did not take a long position at the $69,000 price level.
The controversy arose when Ki Young Ju, CEO of CryptoQuant, claimed that Sun had opened a substantial Bitcoin long position using stUSDT as collateral. Ju alleged that Sun, known as the mysterious HTX whale, had entered a long Bitcoin position at $67,000 with over $420 million in positions. He also raised concerns about the source of the collateral, pointing out that Sun utilized $460 million worth of stUSDT, a stablecoin project with a high annual percentage yield.
Interestingly, Ju later deleted his post, stating that he intended to clarify matters with the exchange team and did not want to harm their business prematurely. Despite Sun's denial of purchasing BTC at the $69,000 level, questions remain about his recent acquisitions. Reports from Spot On Chain suggest that Sun may have acquired 362,751 ETH, valued at approximately $1.11 billion, through three wallets since Feb. 8.
This revelation sheds light on the intricacies of the crypto market and the potential impact of influential figures like Sun on digital asset prices. Investors should remain vigilant and conduct thorough research before making investment decisions, especially in volatile markets like cryptocurrency. By staying informed and seeking reliable sources of information, individuals can better navigate the ever-changing landscape of digital assets and protect their financial interests.