Justin Sun, founder of Tron, is benefiting from Ethereum’s recent rally. After the price of Ethereum rose by 29% following the significant market advance led by Bitcoin, Sun withdrew part of his investment in Ethereum.
In addition to Justin and other retail traders, other institutional traders and sleeper whales have also benefited from the recent price action. Ethereum is trading at $3,100, reaching a high of $3,240.29 last November 11. Sun started cashing out with $3,202, bringing his estimated earnings to $69.36 million, reflecting a 5.69% increase.
Justin Sun is taking advantage of the recent boom in Ethereum
Justin Sun is patiently unloading some of his ETH holdings amid a bigger rally in the Ethereum and cryptocurrency market. On-chain data indicates that he has continuously invested in maximizing the price movement of digital assets. SpotOnChain reports that the founder of Tron initially deposited 19,000 ETH at a price of $3,202 into HTX.
Justin Sun (@justinsontron) He seems to be taking advantage of that $ Ethereum Amidst the recent market rally!
15 hours ago, he deposited his first 19,000 $ Ethereum ($60.83 million) to HTX at $3,202.
This was part of the net 392,474 $ Ethereum He allegedly received an average price of $3,027 (estimated cost: $1.19 billion)… https://t.co/976PXgoJ80 pic.twitter.com/UCNpE0vnVp
– Spot on Chain (@spotonchain) November 11, 2024
Justin’s latest deal at HTX brings his total estimated earnings to $69 million, or an increase of 5.70%. According to on-chain data, this slice was part of 392,474 tokens acquired between February 8 and August 5 for $3,027 across three wallets.
Justin Sun’s average price for ETH is $3,027, reflecting a total investment of $1.19 billion. In short, his recent transaction in HTX is “relatively small” compared to his total ETH holdings, and as such, it should not be a cause for concern among coin holders.
An early ETH holder has become active
As Ethereum moved this week, another ICO holder was moved, PeckShield Alert revealed. On-chain data reveals that the account holder has reactivated their account after three years of dormancy, transferring 1,555 Ethereum worth approximately $5 million to a Coinbase address.
According to the same online investigator, this account originally received 6,292 tokens during Ethereum’s ICO, for an investment of $1,951. The account’s total holdings now stand at more than $20 million, a significant increase from its initial investment.
Giant whale at 398,891 $ Ethereum($1.28 billion) sold 46,853 $ Ethereum For 138.8 million USD/USD Priced at $2,920 since November 7!
7 hours ago, the whale transported 12,886 others $ Ethereum($41.24 million) for sale.
The whale currently holds 352,036 $ Ethereum($1.27B).https://t.co/O79eaAdgrk pic.twitter.com/8YGA6vx7iG
– Loconchain (@loconchain) November 11, 2024
Another ETH whale is offloading its ETH holdings
Lookonchain data shows another Ethereum token whale holding 398,891 tokens worth around $1.28 billion, with 46,853 ETH tokens offloaded at $2,920 on November 7. The same account transferred 12,886 tokens worth $42 million at current prices, leaving significant holdings worth $1.27 billion.
Data indicates that ETH whales still own a significant share of the token and are benefiting from the current market rally. The price of Ethereum has risen 30% over the past week, and at $3,200, the asset’s market cap is approaching $400 billion.
Featured image from Pexels, chart from TradingView