Justin Sun Buys $5 Million In ETH Ahead of Ethereum ETF Approval

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As an experienced market analyst, I find the recent Ethereum price action and whale activity intriguing. The steady holding of ETH around $3070 levels, despite the current market volatility, is a positive sign for the cryptocurrency. Furthermore, the massive whale activity involving Justin Sun’s substantial Ethereum purchases and deposits by other major players like Golem Project and Elwood Technologies, suggests strong confidence in the Ethereum network.

In the midst of market instability, Ethereum‘s (ETH) price remains robust and hovers near $3070. A significant amount of whale activity is underway regarding Ethereum. Notably, Justin Sun, Tron’s founder, is attempting to alleviate selling pressure before the anticipated approval of a spot Ethereum Exchange-Traded Fund (ETF) within the upcoming fortnight.

Justin Buys Ethereum in Huge Quantity

According to data from cryptocurrency provider Spot on Chain, Justin Sun, the founder of Tron, purchased 1,614 Ethereum tokens for a total cost of $5 million using USDT (Tether). The price of each token was around $3,097.

Since the start of the year, Justin Sun has been actively purchasing Ethereum. According to reports from Spot on Chain, between February 8 and now, Sun has amassed a total of approximately 362,751 ETH across three separate wallets. This substantial investment is estimated to be worth around $1.1 billion at an average price of roughly $3,047 per ETH.

In addition to making these transactions, Spot on Chain observed that Sun recently transferred 45 million USDT into Binance. This observation raises the speculation that Sun may be planning to buy Ethereum in the near future.

12 hours ago, Justin Sun (@justinsuntron) allegedly spent 5M $USDT to buy 1,614 $ETH at ~$3,097.
Starting from February 8th, it is estimated that Justin Sun may have purchased approximately 362,751 units of Ether ($ETH), amounting to around $1.11 billion at an average price of roughly $3,047 per unit. This transaction is believed to have been executed through three different wallets (for further information, please refer to previous posts).
Note that he also deposited 45M $USDT to…
— Spot On Chain (@spotonchain) July 11, 2024

It’s intriguing that large Ethereum (ETH) investors have been buying up large quantities of Ether right before the anticipated approval of the spot Ether Exchange-Traded Fund (ETF). This could potentially occur prior to the end of July.

Ethereum Whale Activity Jumps

Justin Sun has been purchasing large amounts of Ethereum from exchanges in recent times, and this trend is not unique to him. Notably, the Golem Project is among the significant depositors of Ethereum into Binance within the past 24 hours. Contrary to expectations, data from the blockchain reveals that the project has ceased selling ETH. Simultaneously, they have staked an impressive amount of 40,000 ETH.

The Golem project’s Ethereum holdings, represented by the account known as Golem(@golemproject), seem to have ceased transactions involving the sale of Ether ($ETH). Approximately 40,000 Ethers, equivalent to around $124.6 million, were staked by this account eight hours prior.
— Lookonchain (@lookonchain) July 11, 2024

Additionally, Elwood Technologies has transferred approximately 26,811 ETH, equivalent to around $84 million, into Binance in the past three days. Simultaneously, certain Elwood-linked wallets have taken out about 24,463 ETH from Binance during this period.

Currently, Ethereum’s price remains strong above $3,000, defying the impact of significant whale transactions. According to technical analysis, Ethereum’s lowest point may have already passed.

$ETH: We initially anticipated a rebound at the first support level (signified by the red line), but unfortunately, it gave way. However, the positive aspect is that this support appears more robust now, which bodes well for the future. I’m optimistically assuming that was the lowest point for Q3.
— IncomeSharks (@IncomeSharks) July 10, 2024

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2024-07-11 08:44