It's being reported that Tron (TRX) founder Justin Sun is likely exchanging BTC for WBTC.
Amid the ongoing controversy surrounding “wrapped Bitcoin” (WBTC) and the entrepreneur, a mysterious crypto whale has amassed a significant amount of WBTC.
According to Spot on Chain,this whale purchased 347 WBTC worth $20 million in one day and accumulated a total of 1,953 WBTC worth $118 million from Binance last week at an average price of $58,853.
EmberCN reported that while this unknown whale was accumulating WBTC, Justin Sun’s address transferred 2,590 BTC totaling $156.41 million to Binance.
These significant transactions have caught the attention of the crypto community, sparking speculation that the billionaire’s team may be involved in the BTC for WBTC exchange.
Earlier in August, BitGo, the company behind WBTC, announced plans to transfer control of the token to a joint venture involving it, Hong Kong-based investment manager BiT Global and the Tron ecosystem led by Justin Sun.
Crypto analyst Ali Martinez has indicated that an altseason may be imminent, a phase where alternative cryptocurrencies outperform Bitcoin.
BlackRock CEO Larry Fink has expressed strong support for Bitcoin, affirming its legitimacy as a financial asset during a recent interview with CNBC.
The U.S. Securities and Exchange Commission (SEC) has authorized BlackRock to offer options trading on spot Bitcoin ETFs, marking a key milestone in expanding crypto investment products.
Crypto trader Michaël van de Poppe suggested that the Federal Reserve’s recent decision to cut interest rates by 50 basis points could positively influence the crypto market.