As an experienced financial analyst, I’ve closely followed the cryptocurrency market for years. The recent developments regarding Justin Sun’s acquisition of large amounts of Ethereum within a short timeframe have piqued my interest. According to credible data sources, Sun transferred over $16 million worth of ETH in just one transaction and bought around $49 million worth of Ethereum over the past three days. These transactions took place while ETH was trading at an average price of $3,494.
Justin Sun, the founder of the Tron blockchain and a cryptocurrency billionaire, has recently purchased a substantial amount of Ethereum. This acquisition could be indicative of his anticipation that the Securities and Exchange Commission (SEC) will give its approval for the launch of Ethereum spot exchange-traded funds (ETFs) at the beginning of July.
Last year, Sun reportedly spent over $1.1 billion on purchasing Ethereum, as indicated by the latest analytics information disclosed.
Justin Sun scoops up more ETH
Expert: The @spotonchain account on X, previously known as Twitter, announced around eight hours ago that a significant amount of Ethereum was transferred from Binance by an individual believed to be the founder of Tron, Justin Sun, with the handle -0xdbf. This transaction took place when Ethereum’s value was at $3,472. At the time of purchase, this Ethereum chunk was valued at approximately $16.07 million.
Over the past three days, the data source revealingly disclosed that the wallet associated with the Tron founder purchased and cashed out a substantial amount of Ethereum from Binance. Specifically, they bought 13,967 ETH at an average price of approximately $3,494 each, which amounts to nearly $49 million in total.
Recently, @spotonchain announced to the cryptocurrency world that Justin Sun transferred a significant amount of Tron (89.57 million coins) to Binance from his holdings and utilized $32.9 million of that deposit to purchase Ethereum. Subsequently, he withdrew the acquired Ethereum to his personal wallet.
In a recent tweet, @spotonchain expressed optimism about the potential launch of an Ethereum Spot ETF, as hinted by reports, which is expected to occur in the coming week.
Ethereum ETFs approval expected on July 2
According to U.Today’s latest report, on Friday, Ethereum ETF issuers, including Franklin and VanEck, submitted updated S-1 filings to the SEC. Notable information disclosed included Franklin establishing fees of 0.19% for its Ethereum ETF, while VanEck announced a fee of 0.2%. Additionally, BlackRock unveiled that an anonymous major investor had purchased $10 million worth of future shares in its Ethereum ETF.
Before this announcement, ConsenSys publicly denied the securities regulator’s alleged U-turn on investigating Ethereum 2.0 as a security, thus bolstering the prospects of an Ethereum Spot ETF approval.
Based on information from Bloomberg analysts, it is expected that the SEC will make a favorable announcement regarding this matter on July 2.
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2024-06-24 13:48