Justin Sun has resumed large outflows of Spark (SPK) tokens, moving 41.99 million SPK worth approximately $1.23 million to his HTX exchange, on-chain data shows. The transfer follows a roughly two-week lull and adds to a growing pattern of exchange-bound flows that have sparked concerns about selling pressure and governance.
Since September 2025, wallets linked to Sun have routed around 610 million SPK to exchanges, with a cumulative value near $19.08 million at the time of transfer, according to analyst ai_9684xtpa and ChainCatcher. While these movements do not directly confirm market sales, the consistent pattern has been interpreted by traders as a de facto supply overhang that can cap upside or accelerate drawdowns.
The latest move echoes broader scrutiny over Sun’s handling of ecosystem tokens across projects associated with TRON and HTX. Each fresh transfer into a centralized venue expands the pool of coins that could be market-sold, potentially dampening spot demand from users who interact with Spark for its lending and staking features. Governance concerns also resurface, as large, opaque insider flows can erode confidence among smaller holders lacking visibility into Sun’s intentions.
Sun has previously dismissed similar criticisms, calling his activity routine treasury management. However, the combination of repeated multi-million token transfers, the cumulative value involved, and the absence of detailed public communication leaves SPK vulnerable whenever broader market sentiment turns risk-off.
