Sun Yuchen's large transfer of coins, is the cryptocurrency market about to change?
Brothers, big news! Sun Yuchen just transferred nearly $200 million worth of Bitcoin to Binance. If we think about his previous operations, it’s clear that this transfer is definitely not for leveraging and speculating on coins. Back when Bitcoin was only $20,000 to $30,000, that low price lasted a long time. If he wanted to leverage and position himself, he had plenty of opportunities back then. Now that the coin price has risen so high, there’s no reason for him to chase high prices and leverage at this time; that would be foolish. So, he’s most likely preparing to cash out and run by transferring Bitcoin to the exchange.
From the address information currently available, it seems that Brother Sun has only sold a little Bitcoin, and Ethereum hasn’t been touched yet. He is probably waiting for an upgrade in two weeks before taking action. Coincidentally, that super big player Spoofy, who holds $6 billion in assets, also started to take action after being quiet for three days, reducing his position by about 10%. This situation is somewhat similar to last November when he started slowly selling from around $90,000 for Bitcoin and kept selling until he completely exited at $105,000. Although his reduction does not mean the market will peak immediately, generally speaking, it’s not far from the top. There may still be some altcoins that will follow and rise, but this big market trend is likely reaching its end soon.
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