Justin Sun dumps $119M Ethereum as price soars past $4K – What’s happening?
The post Justin Sun dumps $119M Ethereum as price soars past $4K – What’s happening? appeared on BitcoinEthereumNews.com.
Justin Sun, the founder of Tron, executed a transfer of 29,920 ETH valued at $119.7 million to HTX following Ethereum’s impressive surge past the $4,000 mark. The transaction has sparked discussions regarding Sun’s strategy—whether he’s cashing out or setting the stage for additional profits. Justin Sun acquired 392,474 ETH for $1.19 billion at an average price of $3,027 between February and August. Fast forward to December, he appears to be booking profit. He recently deposited 20,000 ETH valued at $76.3 million to HTX, precisely on December 5. The transaction happened just as ETH crossed $3,800. Later on December 8, Sun also deposited 29,920 ETH worth $119.7 million to HTX, as per Spot On Chain, following the ETH price surpassing $4,000. With Ether’s crossing the $4,000 price mark, it’s estimated that Justin Sun has generated a profit of $366 million, exclusive of staking rewards and airdrops. The Tron founder also transferred 41,630 ETH ($145.9 million) to centralized exchanges since early November, with 39,000 ETH being sent to HTX and 2,630 ETH being sent to Poloniex at an average price of $3,505. In addition, Sun deposited staking rewards to HTX, which included 322,119 EIGEN tokens valued at $1.44 million and 175,021 ETHFI tokens valued at $516,000. This move shows that his plan for making money with Ethereum during the bull run was sound. Ethereum’s recent trading activity Despite the sell-offs, Ethereum has made incredible steps, advancing toward the psychological $4K resistance zone. This price level is a significant area of selling pressure and is in alignment with Ethereum’s yearly high. The rejection at this line has recently resulted in a slight decline, indicating that buyers are finding it challenging to overcome the resistance. Although the price has encountered some resistance, it is probable that ETH purchasers will make another attempt to surpass…
Filed under: News - @ December 9, 2024 9:16 pm