TRON Founder Justin Sun Shares Insights on $69,000 Bitcoin Long

Justin Sun Addresses Bitcoin Investment Rumors

Justin Sun, the founder of TRON (TRX) and chief adviser to Huobi, recently made a notable statement on social media regarding his investment activities in the cryptocurrency sector. He spoke out in response to speculation surrounding his investments.

Sun expressed his optimism about Bitcoin’s future but clarified that he did not enter a long position when Bitcoin reached the $69,000 mark.

His comments were triggered by Ki Young Ju, the CEO of CryptoQuant, who claimed that Sun had taken a significant long position in Bitcoin using stUSDT as collateral. Ju identified Sun as a mysterious "HTX whale," suggesting that he opened a long Bitcoin position at a price of $67,000, involving at least $420 million in trades.

Ju highlighted that the USDT reserve was approximately $24 million and raised questions about the source of the collateral, mentioning that Sun used $460 million worth of stUSDT—a stablecoin project known for its high annual percentage yield, with 89% of its supply held on HTX.

Intriguingly, Ju later removed his post, stating that he wanted to clarify the situation with the exchange team. He clarified that he was not receiving any compensation for his post and did not intend to harm the exchange’s business without giving them a chance to respond.

While Sun dismissed the claims about his purchase of Bitcoin at the $69,000 level, he did not address other allegations regarding his acquisitions. Recently, reports indicated that Sun might have purchased around 362,751 ETH, valued at approximately $1.11 billion, through three different wallets since February 8.