TRON Founder Justin Sun Breaks Silence on $69,000 Bitcoin Long Position

Justin Sun, founder of TRON (TRX) and senior advisor to Huobi, a well-known figure in the cryptocurrency industry, has opened up in an unusual social media post, addressing rumors about his Bitcoin investments.

Sun expressed confidence in Bitcoin’s future but clarified that he had not taken a long position at the $69,000 price level.

I am very optimistic about the development of Bitcoin and have great confidence in its future. However, I want to clarify that I have not invested in Bitcoin for the long term at the price level of $69,000.

— SE Justin Sun (@justinsuntron) July 12, 2024

Justin Sun Buys $5 Million Worth of Ethereum (ETH), Price Rally Coming?

This clarification came in response to a claim by CryptoQuant CEO Ki Young Ju, who claimed that Sun had opened a substantial long position in Bitcoin using stUSDT as collateral.

The HTX Whale Saga

Ju claimed that Sun is a mysterious HTX whale, who opened a long Bitcoin position at $67,000 with at least $420 million in positions.

I deleted the tweet to clarify things with the HTX team. I will share their views on PoR after our discussion.

— Ki Young Ju (@ki_young_ju) July 11, 2024

He pointed out that the USDT reserve was around $24 million and questioned the source of the collateral, claiming that Sun had used $460 million worth of stUSDT, a stablecoin project with a high annual percentage yield, with 89% of the supply in HTX.

Image of the article — *BTC to USD by* *CoinMarketCap*

Interestingly, Ju later deleted his post, explaining that he intended to clarify things with the exchange team. He stressed that he was not compensated for this action and did not want to harm their business before they had a chance to comment.

Bitcoin Traders Succumb to 'Extreme Fear'

While Sun has denied the purchase Bitcoin at the $69,000 level, he did not respond to allegations regarding his Ethereum acquisitions. Recently, Spot On Chain reported that since February 8, Sun has reportedly purchased 362,751 ETH, worth approximately $1.11 billion, through three wallets.