In a bold move to assert his active involvement in the HTX cryptocurrency exchange, Justin Sun recently showcased his substantial Bitcoin holdings. On Tuesday, Sun, the notable figure behind the TRON blockchain, took to social media to dispel doubts about his utilization of HTX, sharing a screenshot of his HTX wallet displaying a staggering 28,614 bitcoins, valued at approximately $1.6 billion.
Sun’s public display of his bitcoin wealth, amidst ongoing scrutiny from the Securities and Exchange Commission (SEC) for alleged fraud and securities violations, raises eyebrows. Despite his tumultuous journey as a crypto entrepreneur, Sun remains unapologetic, asserting his heavy engagement with HTX and other major exchanges.
The revelation underscores the significance of Bitcoin as the cornerstone of Sun’s crypto portfolio and his commitment to HTX. While Sun’s flamboyant display may not surprise those familiar with his rollercoaster career, it serves as a testament to the enduring allure of cryptocurrencies in the face of regulatory challenges.
As the crypto saga continues to unfold, Sun’s unabashed endorsement of HTX and his formidable BTC holdings inject further intrigue into the ever-evolving landscape of digital assets.
Bitcoin’s Institutional Crown Fades Amid Ethereum’s Surge
In other news, as Ethereum surges, riding the coattails of Bitcoin’s recent rally, the cryptocurrency landscape is witnessing a notable shift in institutional sentiment. Ethereum, the second-largest cryptocurrency, has soared to heights unseen since April 2022, edging closer to the $3,200 mark with a remarkable 7% surge in just a day.
Traditionally, BTC has been the favored choice of institutional investors. However, a recent Bybit Research report suggests a changing tide. Institutions are increasingly favoring Ethereum over Bitcoin, with Ether emerging as the primary holding for many financial organizations since September 2023.
This institutional pivot towards Ether is fueled by anticipation surrounding the Dencun upgrade scheduled for March 2024, promising to bolster the network’s performance, as reported by TWJ. Meanwhile, retail investors maintain a higher allocation to Bitcoin compared to Ether. Despite both retail and institutional investors boosting their holdings in Bitcoin and Ether in recent months, the report highlights a stark contrast in investment strategies, with institutional interest in Ether significantly overshadowing that of retail users.