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Justin Sun transferred a significant amount of 500 BTC worth $30.3 million to Binance deposit.
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Since 2024, Justin Sun has deposited a massive 2969 BTC worth $164 million to HTX and Binance.
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Experts suggest that BTC is in an uptrend as it is moving above the 200 EMA.
Bitcoin (BTC), the world’s largest cryptocurrency, has held its ground above $60,000 for four consecutive trading days and is currently consolidating in a tight range. Amid this consolidation, Justin Sun, the founder of HTX and TRON, has grabbed everyone’s attention with his significant BTC move to Binance.
Justin Sun Transfers $30 Million BTC to Binance
On August 11, 2024, analytics firm Spotonchain posted on X (formerly Twitter) that Sun had deposited a significant amount of 500 BTC worth $30.3 million to Binance. However, he later transferred 513.4 BTC worth $31.2 million to a new wallet.
Justin Sun transferred $500BTC ($30.3M) to #Binance deposit and $513.4BTC ($31.2M) to a new wallet about an hour ago.
So far in 2024, he has deposited a net amount of $2,969BTC ($164M USD) on #HTX and #Binance at a price of around $55,185 USD.
It’s noteworthy that Justin Sun often states that he is an ardent supporter of… pic.twitter.com/YTVz4I0BXM
— Spot On Chain (@spotonchain) August 10, 2024
However, his future plans are extremely unpredictable. Thus, in 2024, he deposited a huge amount of 2969 BTC worth $164 million on HTX and Binance at an average price of $55,185.
BTC Price Review
There was no impact on the price of BTC after this massive transfer. At the time of publication, BTC is trading around $61,000 and has seen a 0.5% price jump in the last 24 hours. Despite the price stability, BTC trading volume has fallen by more than 55% over the same period. This decrease in trading volume suggests a decrease in trader and investor participation.
Meanwhile, BTC’s open interest also appears to be struggling as it has risen 0.5% in the last 24 hours. This stability in OI indicates lower interest from traders.
Bitcoin Technical Analysis
Experts suggest that BTC is in an uptrend as it is moving above the 200 exponential moving average (EMA) on the daily time frame. However, it has been in a consolidation phase for the last 4 days. A breakout of this consolidation will play a major role in the upcoming price rally.
If BTC breaks through this consolidation zone and closes the daily candle above $61,700, there is a high chance that it will soar to $68,000. Conversely, if BTC breaks through this consolidation zone, there is a high chance that it will experience a massive sell-off to $58,000.
