Bitcoin Bullish Outlook: Tron Founder Accumulated Nearly 520 BTC Pre-Price Rally

Bitcoin, the world’s largest cryptocurrency asset by market cap, is in the spotlight. Reports have revealed that Tron founder and Billionaire Justin Sun has significantly accumulated BTC.

Justin Sun Acquires $24 Million Worth Of Bitcoin

Lookonchain, one of the leading on-chain analytics firms, shared the information with the crypto community on the X (formerly Twitter) platform. According to data from the analytics firm, Justin Sun recently added about 519 Bitcoin to his portfolio.

The on-chain tracker noted that the Tron founder acquired the Bitcoin above before the price of BTC witnessed a notable rally. Specifically, this was before BTC broke out from a strong resistance line at the $48,000 price mark.

Data shows that the transaction was worth approximately $24.85 million as of the time of the report. However, with the current price of BTC, the transaction is now valued at about $25.95 million.

Reportedly, the Tron founder amassed the previously stated BTC from Binance – the world’s largest cryptocurrency exchange, 6 hours before the price rally. Furthermore, the report also revealed that Justin Sun has already taken large amounts of Bitcoin out of Binance on previous occasions.

Lookonchain pointed out that Sun has acquired more than 1,677 Bitcoin tokens from Binance in the past two months, totaling $75 million. It further highlighted that these BTCs were accumulated at an average price of about $44,741.

So far, Justin Sun’s BTC holdings now boast a whopping 1,853, which stands at $92.64 million, according to blockchain analytics firm Arkham Intelligence. The firm shows that Justin Sun possesses a staggering $1.17 billion worth of cryptocurrency holdings in his publicly accessible wallets.

His largest digital asset is the algorithmic USDD stablecoin created on the TRON blockchain, of which he holds over $281 million. Meanwhile, his second-largest holding is the TRON (TRX) token, owning slightly more than 2 billion.

Other notable cryptocurrencies that Justin Sun owns include BTT, USDJ, and BTC. Sun’s non-crypto assets are not included in the $1.17 billion estimate, and there may be wallets that have not been identified as his yet.

Million Of Dollars Invested In BTC By Founders Fund

Recent reports have revealed a significant investment in BTC by Billionaire Peter Thiel’s venture capital firm, Founders Fund. Evan, also known as Stock Market News, stated that the venture had invested about $200 million into Bitcoin and Ethereum before the recent rally.

Stock Market News disclosed that the company invested in the two biggest crypto assets from “late summer to early fall” last year. Founders Funds invested part of the funds in BTC and the other half in Ether. This action indicates that institutional investors are again becoming interested in crypto investments.

Featured image from iStock, chart from Tradingview.com