Crypto Tycoon Justin Sun Debunks $69K Bitcoin Long Buy Myth

Recently, Justin Sun, the founder of TRON and the chief advisor of Huobi, has been making headlines for his Bitcoin investments. He clarified that he did not enter a long Bitcoin at $ 69,000. This came after Ki Young Ju, the CEO of CryptoQuant, accused Sun of trading activity related to the FTX exchange.

Justin Sun Refutes Bitcoin Purchase Claims

Justin Sun’s denial was an immediate counter to Ju, who claimed he had opened a large long order for Bitcoin with stUSDT as margin. Ju first accused Sun of being the HTX whale who went long on Bitcoin at $67,000. Also, he raised an eyebrow when Sun used $460 million worth of stUSDT and queried where the money came from.

I am very optimistic about the development of Bitcoin and have great confidence in its future. However, I would like to clarify that I did not go long on Bitcoin at the $69,000 price level.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 12, 2024

Though Ju deleted the social media post later, he said he intended to contact the exchange team for a direct conversation. He also stressed that he did not seek compensation from them but acted to protect their business from damage. In a way, this retraction put a hold on Sun’s speculations concerning high-level investment.

Bitcoin Dips as Market Braces for More

Though Sun has explained the issue with the Bitcoin transaction, he has not responded to the allegations about his Ethereum purchases. Sources indicate that he bought 362,751 ether, which was worth approximately $1 million at the time. Three different wallets were identified to have been used to spend $11 billion. The acquisitions are said to have begun on February 8 and can be monitored through Spot On Chain.

The BTC market has a bearish pattern, with a 1.85% price drop within the last 24 hours. Bitcoin is currently exchanging at $57,448. This price drop and the 2% decline in the trading volume suggest that the bear market may persist. Today’s price shows a reduction from the highest price, $73,750. 07, achieved on March 14th, 2024.

Also Read: Hong Kong Bitcoin ETFs’ Buying Spree; 425 BTC Purchased This Week