Tron’s Justin Sun Cashes Out $70 Million After Ethereum Rally, What’s Next?

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As a seasoned researcher with over two decades of experience in the crypto market, I have seen my fair share of whales coming and going, but the recent developments surrounding Ethereum are particularly intriguing. The Tron founder Justin Sun cashing out part of his ETH investment, along with dormant Ethereum whales turning active, has certainly raised some eyebrows in the crypto community.

Following a significant 29% surge in Ethereum‘s price, reaching $3,200 over the past week, Justin Sun, Tron’s founder, appears to have liquidated some of his Ethereum investment. Additionally, previously inactive large Ethereum holders (often referred to as “whales”) have become active by selling their assets. The investment community is now keenly observing how the leading altcoin will respond to these events.

Tron Founder Justin Sun Offloads ETH

In the aftermath of Ethereum’s recent price surge last week, Tron’s founder has been reaping substantial profits. Approximately 15 hours ago, Sun transferred 19,000 ETH (equivalent to around $60.83 million) into HTX at an ETH price of $3,202.

Consequently, his projected earnings from these deals amount to approximately $69.36 million, rising by roughly 5.69% due to the latest increase in Ethereum’s market price. According to Spot on Chain’s data, this deposit made by Justin Sun is one of a series of 392,474 ETH he’s reportedly purchased between February 8 and August 5, across three different wallets, as stated by SpotonChain.

As a crypto investor, I’ve got an average purchase price of approximately $3,027 for every Ethereum (ETH) I own, which amounts to a grand total investment of around $1.19 billion. So, when I speak of recent sell-offs, it’s important to understand that they represent a tiny fraction of my overall ETH holdings. Therefore, this action should not be read as any greater cause for concern on my part.

Justin Sun (@justinsuntron) appears to be cashing in on $ETH amid the latest market rally!

15 hours ago, he deposited the first 19,000 $ETH ($60.83M) to HTX at $3,202.

This refers to the 392,474 ETH that he is said to have purchased at a mean price of approximately $3,027, which amounts to an estimated expense of around 1.19 billion dollars.

— Spot On Chain (@spotonchain) November 11, 2024

Additionally, information from PeckShield Alert indicates that a former participant in Ethereum’s ICO has become active again following almost three years of no activity. This individual moved approximately 1,555 Ether, valued at roughly $5 million, to the cryptocurrency exchange, Coinbase.

As a fortunate investor in Ethereum’s Initial Coin Offering (ICO), I initially received 6,292 ETH for an investment of only $1,951. Now, my total holdings have swelled to approximately $20.15 million, demonstrating a significant growth from the ICO days.

Dormant Ethereum Whales Are Offloading?

According to Lookonchain, a large Ethereum investor holding approximately 398,891 ETH (valued at around $1.28 billion) has offloaded 46,853 ETH for about $138.8 million in USDC at an average price of $2,920 since November 7. More recently, this same whale transferred an additional 12,886 ETH, worth around $42 million, to exchanges. Therefore, the whale currently retains roughly 352,036 ETH, with a value of about $1.27 billion.

A massive whale holding approximately 398,891 ETH (equivalent to around 1.28 billion dollars) has offloaded 46,853 ETH for 138.8 million USDC at an average price of $2,920 since November 7!

7 hours ago, the whale transferred another 12,886 $ETH($41.24M) to sell.

The whale currently holds 352,036 $ETH($1.27B).

— Lookonchain (@lookonchain) November 11, 2024

It’s clear that even as Ethereum’s ‘big fish’ investors maintain a significant portion of their assets, they remain vigilant for profitable chances during this ongoing surge.

Over the past week, Ethereum’s price has risen by approximately 30%, now hovering around $3,200. Its market capitalization is nearing $400 billion. There have been increasing demands for Ethereum to reach its record-breaking highs once more; however, if it’s to surpass these levels again, the altcoin must first experience a 60% increase from its current value.

According to crypto market expert Michael van de Poppe, the cost of Ethereum (ETH) might encounter a roadblock near approximately $3,200. After this potential resistance, he anticipates further movement. Additionally, van de Poppe predicts that the Ethereum network will excel in the upcoming months.

In a timespan of a week, $ETH has closed the gap to $3,200.

Anticipating potential opposition in this sector, however, we should press on, with the expectation that the Ethereum ecosystem will significantly outshine others in the upcoming time frame.

— Michaël van de Poppe (@CryptoMichNL) November 10, 2024

Conversely, the flow of investments into the Ethereum ETF improved noticeably after Donald Trump’s election victory.

According to the blockchain analysis platform Santiment, as Bitcoin experiences growth during this bull market, funds may shift towards Ethereum, possibly propelling it towards a new record high. This prediction is based on the current robust activity within Ethereum’s network.

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2024-11-11 08:24