Justin Sun deployed $50 million to Binance and those funds are probably targeted at supporting $ETH
is obvious as the developer and an official Huobi adviser have been perfectly buying and selling the asset on the market for the last year. At the absolute top, Sun sold 340,000 ETH, making an enormous profit right ahead of a massive crash. On Ethereum's way down, he has been making small transfers below 50,000The most recent transfer to Binance might be the first buying activity Sun has shown in the last few months.
Since Ether has been struggling after the Merge, most retail holders decided to drop their holdings, which whales gladly accepted, according to the on-chain data.The accumulation of Ethereum can signal a potential decrease in selling pressure, which is relevant for an asset that is being actively pushed down by retail investors.
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