Crypto:
30188
Bitcoin:
$69.807
% 4.54
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.807
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Why Justin Sun is Massively Selling 4 Altcoins

Justin Sun

TRON (TRX) founder Justin Sun has initiated significant sales involving four altcoins.

Known more for his purchases, Justin Sun has now turned to selling. According to on-chain analysis platform Spot On Chain, Sun executed sales on June 10th involving Aave (AAVE), Maker (MKR), Compound (COMP), and Liquity (LQTY).

The data reveals that Sun transferred $11.2 million worth of AAVE, $9.3 million worth of MKR, $245,000 worth of COMP, and $217,000 worth of LQTY to the cryptocurrency exchange Binance.

Why is Justin Sun Selling?

In recent months, Sun has been consistently buying large amounts of altcoins and holding tens of millions of dollars worth of them. It is highly likely that he is taking profits to hedge against potential market downturns.

With upcoming inflation data from the U.S. expected this Wednesday and Thursday, Sun appears to be approaching the market cautiously. If the data turns out unfavorable, it could trigger market declines, which Sun seems keen to avoid.

This week, the U.S. Consumer Price Index (CPI) and interest rate decision will be announced on Wednesday, followed by the Producer Price Index (PPI) data on Thursday.

By staying informed about Justin Sun‘s trading strategies and the potential market impacts of upcoming U.S. economic data, investors can better navigate the volatile cryptocurrency landscape.

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