According to on-chain data, a wallet linked to TRON founder Justin Sun transferred approximately $16.19 million worth of five different tokens to the HTX exchange on the night of March 31st. The transfer was highlighted by blockchain analyst ai_9684xtpa and reported by Blockchain.News.
The assets moved included roughly $2.53 million worth of TRON (TRX) and a significant $13.45 million in stablecoins, comprising Tether (USDT), USD Coin (USDC), and USDD (USDD). The remaining portion consisted of smaller amounts of three other tokens: approximately $12,700 worth of FF, $75,000 worth of KERNEL, and $132,000 worth of LIT. These latter three are reported to be airdrop tokens from restaking projects.
Market observers note that such large, multi-asset transfers to an exchange are often a precursor to selling, potentially creating short-term downward price pressure. Experts specifically pointed out that depositing airdrop tokens like FF, KERNEL, and LIT could signal preparations for a sell-off. However, no official statement has been made regarding the intent behind the transaction, and tokens can also be moved to exchanges for purposes like staking or custody.
The wallet in question, identified as 0x43594da5d6A03b2137a04DF5685805C676dEf7cB, has a documented history of large transfers to Huobi-linked infrastructure, which later rebranded to HTX. For instance, Whale Alert recorded a transfer of 9,500 ETH (worth about $30.39 million) from the same address to a Huobi-labeled receiver in November 2024.
At the time of the reports, TRX was trading at $0.3158, having declined about 0.79% in the prior 24 hours, with no outsized market reaction yet observed.
