Sun expressed confidence in Bitcoin’s future but clarified that he did not take a long position at the $69,000 price level.
This clarification came in response to a claim by Ki Young Ju, CEO of CryptoQuant, who alleged that Sun had opened a substantial Bitcoin long position using stUSDT as collateral.
He pointed out that the USDT reserve was around $24 million and questioned the source of the collateral, stating that Sun used $460 million worth of stUSDT, a stablecoin project with a high annual percentage yield, with 89% of the supply in HTX.
Interestingly, Ju later deleted his post, explaining that he intended to clarify matters with the exchange team. He emphasized that he was not being compensated for this action and did not want to harm their business before they had a chance to comment.
While Sun denied purchasing BTC at the $69,000 level, he did not address allegations regarding his Ethereum acquisitions. Recently, Spot On Chain reported that since Feb. 8, Sun may have bought 362,751 ETH, worth approximately $1.11 billion, via three wallets.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
