What’s Justin Sun Planning? $70 Million Cash-Out Follows Ethereum Rally

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As a seasoned analyst with over two decades of experience in the crypto market, I have witnessed countless instances where savvy traders like Justin Sun take advantage of market surges to maximize their profits. In this case, it appears that Sun is no exception, cashed out a portion of his Ethereum holdings during the recent rally, pocketing an estimated $69.36 million in profit. While this move might raise eyebrows among some ETH holders, I believe it’s a testament to Sun’s keen market acumen and strategic approach to investing.

Justin Sun, creator of Tron, is capitalizing on the current surge in Ethereum‘s value. Following Ethereum’s 29% increase as a result of a significant market surge led by Bitcoin, Sun decided to sell a portion of his Ether holdings.

Beyond Justin and personal investors, other institutional traders and dormant whales have likewise seized the opportunity presented by recent market fluctuations. Currently, Ethereum is trading in the thousands, reaching as high as $3,240.29 on November 11th last year. Sun initiated a sell-off at $3,202, boosting his projected earnings to approximately $69.36 million, representing a growth of 5.69%.

Justin Sun Capitalizes On Recent Ethereum Surge

I’ve been tactfully selling some of my Ethereum holdings as the Ethereum and broader crypto market experiences a robust rally. Data from on-chain analysis shows that I’ve consistently invested with the aim of boosting the digital asset’s performance. According to SpotOnChain, I initially deposited 19,000 ETH at approximately $3,202 into HTX, which is Tron’s platform.

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.

As a crypto investor, I’m sharing that this was a portion of the approximately 392,474 Ether I’m said to have purchased, with an average price of around $3,027 each, which translates to an estimated total cost of about $1.19 billion.

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

Justin’s recent transaction at HTX has bumped up his estimated earnings to approximately $69 million, representing a growth of around 5.70%. As per the on-chain records, this batch was among the 392,474 tokens he bought between February 8th and August 5th, spending roughly $3,027 over three different wallets.

The average price of Justin Sun for ETH is $3,027, reflecting a total investment worth $1.19 billion. In short, his recent transaction at HTX is “relatively small” compared to his total ETH holdings, and as such, it should not be a cause for concern among holders.

An Early ETH Holder Becomes Active

This week, as Ethereum is shifting, a former early investor in Ether via ICO, as per PeckShield Alert, has become active again. After a three-year period of inactivity, the account holder stirred their account and transferred 1,555 ETH, approximately $5 million, to a Coinbase wallet.

Based on the findings of the same online investigator, it’s reported that this particular account initially obtained approximately 6,292 units during Ethereum’s Initial Coin Offering, at a cost of about $1,951. Currently, the value of this account’s holdings surpasses $20 million, representing a substantial growth from its initial investment.

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

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

Another ETH Whale Unloads Its ETH Holdings

According to data from Lookonchain, an Ethereum whale holding approximately 398,891 tokens (valued at roughly $1.28 billion) sold off 46,853 ETH tokens on November 7th, priced at around $2,920 each. However, the same account also transferred another 12,886 tokens worth $42 million, leaving behind substantial remaining holdings valued at approximately $1.27 billion.

It appears that the data indicates that large Ethereum holders, often referred to as “whales,” continue to control a significant portion of the tokens. These whales seem to be capitalizing on the ongoing bull market trend. Over the last seven days, Ethereum has experienced a 30% increase, and its current market cap, at around $3,200 per token, is approaching $400 billion.

Featured image  from Pexels, chart from TradingView

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2024-11-11 18:42