Justin Sun Dumps $119M Ethereum As ETH Soars Past $4K, What’s Next?

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As a seasoned researcher with a knack for deciphering financial moves, I find Justin Sun’s strategic Ethereum maneuvers intriguing. With my extensive experience in tracking market trends and analyzing high-value transactions, it seems that Sun is not only cashing out on his profitable Ethereum investments but also positioning himself for potential future gains.

Justin Sun, the creator of Tron, transferred an amount equivalent to 29,920 ETH, which is approximately $119.7 million, to HTX following Ethereum’s price reaching over $4,000. This transaction has sparked debate about whether Sun is cashing out his profits or preparing for potential future increases.

The market is abuzz with speculation over what Ethereum’s next step might be, given its strong price trend and increasing institutional attention. While some analysts foresee possible record-breaking prices, the crucial resistance levels and market conditions will ultimately shape its future course.

Justin Sun’s Strategic Ethereum Moves Since November

According to Spot On Chain, Sun transferred a total of 49,920 Ether (valued at approximately $195.9 million) to HTX on December 8 and December 5. This transfer occurred when the price of Ether exceeded $4,000 and $3,800 respectively. These actions follow Sun’s pattern of moving substantial amounts of Ether to HTX.

The recent transaction contributes to Justin Sun’s substantial previous purchases of Ethereum. It is reported that between February and August, he bought approximately 392,474 ETH for around $1.19 billion, with an average price of about $3,027 per coin. Given Ethereum’s recent brief surge over the $4,000 mark, Justin Sun is estimated to have made a profit of roughly $366 million, not including staking rewards and airdrops.

Starting in early November, Sun has transferred a total of approximately 41,630 ETH (equivalent to around $145.9 million) to various centralized exchanges. Specifically, he sent 39,000 ETH to HTX and 2,630 ETH to Poloniex, with an average transaction price of about $3,505. Furthermore, Justin Sun has deposited his staking rewards into HTX, including 322,119 EIGEN tokens valued at around $1.44 million and 175,021 ETHFI tokens worth approximately $516,000. This move highlights the profitability of Sun’s Ethereum strategy as the market experiences a bull run.

Ethereum’s Price Surge and ETF Momentum

This week, the cost of Ethereum (ETH) hit an impressive $4,017, representing a 26% jump in the past month and a 7% rise over the previous week. However, today, there was a 3% drop in ETH price within the last 24 hours to $3,852. Despite this minor dip, the overall bullish outlook continues to prevail among analysts. They partly attribute this momentum to substantial inflows into Ethereum-related Exchange Traded Funds (ETF), which have been providing notable market support.

According to on-chain expert Ali’s analysis, Ethereum might reach new highs, with a key resistance point around $4,540. It’s crucial for Ethereum to hold its ground above the support level of $3,560 to sustain the bullish trend. If this positive trajectory persists, we could be in store for even more substantial price milestones.

Ethereum’s ETH token shows potential to hit fresh record peaks. The nearest obstacle lies roughly at $4,540, but if the support level at $3,560 remains strong, the path forward appears favorable for the bullish investors!

— Ali (@ali_charts) December 7, 2024

According to SoSo Value’s report, Ethereum exchange-traded funds (ETFs) saw a historic net inflow of $837 million last week. BlackRock’s ETH ETF, ETHA, accounted for the largest portion with $573 million in weekly investments. This surge in institutional investment in spot Ethereum ETFs suggests growing optimism about the asset’s future potential.

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2024-12-09 15:54