Key Points
- Justin Sun, founder of TRON, reportedly earned a $69 million profit from his Ethereum holdings.
- The recent surge in Ethereum prices has prompted strategic moves among major crypto market players.
The recent price rally of Ethereum (ETH) has instigated strategic decisions among influential figures and large holders in the cryptocurrency market.
Justin Sun’s Profitable Move
Spot On Chain disclosed that Justin Sun, the founder of TRON, seemed to be capitalizing on his Ethereum holdings. The on-chain analytics company reported that Sun recently deposited 19,000 ETH, approximately worth $60.83 million, into the crypto exchange HTX.
This deposit is part of the 392,474 ETH Sun reportedly acquired between February and August of this year at an average price of $3,027, amounting to an estimated investment of $1.19 billion. His total profit now stands at $69.36 million, suggesting that Sun may be looking to benefit from the Ethereum rally.
Whale Movements
Meanwhile, Lookonchain reported that a large Ethereum whale, holding nearly 400,000 ETH, has been actively trading. Over the past few days, the whale sold 46,853 ETH, netting approximately $138.8 million at a selling price of $2,920 per token. The whale transferred an additional 12,886 ETH, valued at $41.24 million, to an exchange wallet, suggesting potential further sales in the short term. Despite these recent sales, the whale still holds 352,036 ETH, worth about $1.27 billion.
In contrast, while some whales are cashing out, others are heavily accumulating both Bitcoin and Ethereum. Lookonchain stated that four new wallets recently withdrew 12,499 ETH, worth approximately $40 million, from Binance. This withdrawal might indicate that these large holders intend to store their Ethereum off the exchange, a strategy often associated with long-term holding.
Ethereum’s price has increased by 36% in the last six days. It dropped 2% in the last 24 hours, but trading volume remains high. Crypto expert Michael van de Poppe predicts that Ethereum will continue to rise along with its broader ecosystem.
Another crypto expert, Crypto Patel, speculates on when Ethereum might hit a new all-time high. He believes that Ethereum could reach $10,000 during this bull run. With the crypto fear and greed index still showing extreme greed at 76%, the excitement around the crypto market is unlikely to dissipate anytime soon, as investors continue to accumulate strongly.
