Crypto giant Justin Sun’s $21 mln of AAVE, MKR move, What it means?

In the bearish market sentiment, crypto investors are either accumulating or dumping their holdings. During the Asian trading hours, an on-chain analytic firm, Spotonchain, made a post on X, revealing that a dormant whale dumped a massive 3,800 Maker (MKR) worth $9.3 million and 20k Aave (AAVE) worth $4.45 million to the world’s biggest cryptocurrency exchange, Binance.

Justin Sun sold $21 million of assets 

Later,

Spotonchain identified that this dormant whale was none other than HTX and Tron (TRX) founder Justin Sun. According to the post on X, Sun deposited a massive $21 million worth of cryptocurrencies, including 94k AAVE tokens worth $11.26 million, 3.8k MKR tokens worth $9.3 million, 4.17k Compound (COMP) worth $245k, and 203.6k Liquity (LQTY) worth $217k to Binance in the last hour.

It turns out to be Justin Sun (

If he sold now, he would realize massive profits of $6.86 million from MKR, marking an impressive 281% increase, and $645,000 from AAVE, reflecting a 17% gain. This strategic move highlights the potential for considerable returns in the volatile crypto market, especially with timely deposits and sales.

These massive deposits by Sun might be a selling signal for these four assets. However, overall cryptocurrencies have been experiencing a price drop for the last few days, and this time, Sun’s $21 million asset deposit raises concern in the cryptocurrency industry.

Looking at the price of these assets to see how it impacted these cryptocurrencies following this deposit: As of now, AAVE is down by 1.5%, MKR and COMP remain stable, whereas LQTY experienced a 3% downside move. This shows that this deposit didn’t create any significant impact on these assets.

Whales confusing moves in bearish sentiment 

Besides this massive deposit, today we have also seen that crypto whales are heavily buying tokens like Uniswap (UNI), Pepe (PEPE), and Shiba Inu (SHIB) as reported by Todayq News on June 10, 2024.

As of now, the overall cryptocurrency market is bearish but looks stable because top cryptocurrencies don’t see any downside move in the last 24 hours, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and others as well. Meanwhile, 24-hour data from Coinglass shows a minor liquidation of $65.06 million, where 38,319 traders liquidated their positions, with the largest single liquidation happening on Bitmex.