Justin Sun withdraws $60 million in Ethereum, AAVE, SHIB, LINK among other assets from Binance
- Justin Sun withdrew $60 million from Binance in Ethereum, AAVE, SHIB, LINK, FLOKI, MANA and BAND.
- Sun’s massive crypto withdrawals have fueled anticipation among traders amidst the decline in Bitcoin and Ethereum.
- Altcoin season index indicates alt season is behind us, as of January 21.
Justin Sun, founder of Tron and advisor to HTX exchange withdrew a large volume of assets from Binance. Sun’s withdrawal from one of the largest crypto exchange platforms has likely fueled anticipation among crypto market participants.
Also read: Coinbase is 70% likely to win motion to dismiss SEC lawsuit, says Bloomberg analyst
Justin Sun’s massive withdrawal from Binance
According to data from Lookonchain, an on-chain intelligence provider, Justin Sun has withdrawn $60 million in cryptocurrencies from Binance. The withdrawal includes 17,433 Ethereum (ETH), worth $43 million, 68,999 AAVE worth $6.7 million, 656.4 billion Shiba Inu (SHIB) worth $6.3 million, 61,249 Chainlink (LINK) worth $957,000, 27.16 billion FLOKI worth $885,000, 1.7 million Decentraland (MANA) worth $826,000 and 100,100 BAND worth $168,000.
The large volume withdrawal comes at a time when the altcoin season ends in the ongoing cycle, Bitcoin and Ethereum prices have declined in the past week. The Alt season index reads 73 as of January 21.
Altcoin Season Index. Source: Blockchaincenter.net
At the time of writing, Bitcoin and Ethereum yielded 2.66% and 4% losses for holders respectively.
Typically, accumulation of altcoins by large wallet holders like Justin Sun could reduce the selling pressure on the assets and pave the way for prices to recover or rally in the short-term. Previously, Justin Sun has withdrawn SHIB from Binance in large volumes. The impact of the large volume withdrawals on altcoin prices remains to be seen.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
