Prominent crypto investor and advisor makes large transfer once again, fueling some speculation in community
Justin Sun makes a large transfer once again, moving $15 million worth of Ethereum on Poloniex cryptocurrency exchange. The total number of large transactions Sun-affiliated wallets made this month exceeds 10.
According to LookOnChain, $15.5 million were moved directly on Poloniex from former Tron lead Sun, and more than $347 million remains on that entity. Unfortunately, it is impossible to determine whether those funds were sold after being moved to Poloniex or not.
Justin Sun transferred 10,000 $ETH($15.5M) to #Poloniex 2 hrs ago.And Justin Sun still holds 223,780 $ETH($347M) in address “0x176f”.https://t.co/VTN13dGJ1q pic.twitter.com/Rj2sMpksXo
— Lookonchain (@lookonchain) January 25, 2023
However, the activity Sun has been showing is similar to the strategy most investors utilize when de-risking their portfolios by gradually selling assets while they move upward, redistributing the pressure on the market while taking profits.
Considering the overall liquidity and volume on Ethereum, Justin Sun’s $15 million to $50 million transactions should not have any notable effect on the second-biggest cryptocurrency’s price.
Sadly, Ethereum is not the only asset that has been actively moved by Sun: smaller altcoins like DYDX have also been on the radar of blockchain sleuths who have been tracking Sun’s activity on the market. Historically, every time his own or an associated wallet transacts, the token’s price almost immediately retraces.
However, the main wallet of Sun does not hold many ERC20 tokens as the total value of those assets is only at $15,000, and most of those currencies are not even liquid enough to sell.
However, there is no way to know for sure how many wallets Sun owns exactly, as he clearly redistributes most of his funds among numerous wallets for both safety and privacy measures.
This article has been originally published at: https://u.today/justin-sun-transfers-15-million-worth-of-eth-on-poloniex-is-he-cashing-out