According to Odaily, Ki Young Ju, the CEO of CryptoQuant, has revealed that Sun Yuchen is the whale who opened a massive long position on Bitcoin. The disclosure was made on an unspecified platform. On June 9th, Sun Yuchen opened a long position on Bitcoin at a price point of $67,000, holding a position worth $420 million. The collateral for this position was $460 million worth of stUSDT.
Sun Yuchen's move is significant in the cryptocurrency market, as such large positions can influence the price and market sentiment. The use of stUSDT as collateral also highlights the growing use of stablecoins in the crypto market. This news provides further insight into the activities of major players in the cryptocurrency market, which can be valuable information for investors and market watchers.
It's important to note that the identity of the individual or entity behind such large positions is often kept private due to the potential impact on the market. However, in this case, the identity has been revealed, providing a rare glimpse into the strategies of major cryptocurrency investors. This information can help other investors understand the market dynamics and make informed decisions.
