- Whale Alert tweeted the anonymous transfer of 100,000 USDT to Binance.
- Justin Sun replied to the tweet by writing that TRON DAO Reserve made the transfer.
- The TRON team is looking to accumulate more BTC and TRX to its reserves.
In one of the recent tweets, Whale Alert, an advanced blockchain tracking firm, notified the public about the transfer of 100,000,000 USDT from an unknown wallet to Binance.
— Whale Alert (@whale_alert) June 7, 2022
Almost one hour later, Justin Sun, the founder of TRON and CEO of BitTorrent, retweeted Whale Alerts’ tweet, claiming that Tron DAO Reserve made the transfer.
.@trondaoreserve moved #USDT reserve to purchase more #BTC and #TRX as reserve. https://t.co/mkK2aEAR2n
— H.E. Justin Sun 🅣
(@justinsuntron) June 7, 2022
He tweeted that he moved 100,000,000 USDT to purchase more BTC and TRX to add to its reserves. But some users replied to his tweet asking why he was adding more TRX to the reserve. Some even took a dig at LUNA, saying that they remember what happened the last time someone started buying BTC for their reserve.
On a related note, the bear market is witnessing a lot of institutional investors scooping up bitcoin. Data from CoinShares reveals that bitcoin investments are increasing while ether funds seem to be draining.
Investors seem to be cashing in on the opportunity to pile up as much BTC as they can at the expense of Ether and other altcoins. Outflows from Ether funds totaled $32 million, marking the ninth week of losses. This year, outflows from ether investment products were $357.4 million.
The crypto market seems incapable of coming out of the pull of the traditional financial market. The bitcoin price is also going through a consecutive nine-week decline. In addition to institutional investors buying the dip, a Canadian Bitcoin ETF accumulated 6,900 BTC in May.
Even though bitcoin is not in its best shape now, investors are trying to get their hands on and stash as much bitcoin as possible.