Tron founder Justin Sun now holds a staggering $2.5 billion worth of Ethereum, signaling his growing confidence in the second-largest cryptocurrency by market cap. Meanwhile, his recent buying spree, coupled with today’s Ethereum price rally, has ignited extensive discussions in the crypto community about his strategic moves and the potential impact on the market.

Justin Sun’s Ethereum Accumulation

Justin Sun’s Ethereum holdings have reached 665,000 ETH, valued at approximately $2.447 billion. A recent post from EmberCN detailed his acquisition strategy, highlighting several significant purchases. Notably, between late 2023 and April 2024, Sun acquired 390,000 ETH for around $1.435 billion at an average price of $2,984 per ETH.

Meanwhile, his buying spree included several notable transactions. From December 26, 2023, to January 5, 2024, he withdrew 17,883 ETH worth $40.45 million from centralized exchanges (CEX) at an average price of $2,262. 

Simultaneously, between February 8 and February 25, he bought 173,863 ETH worth $525.24 million, using the address 0x7a9…095 and on-chain purchases, at an average price of $2,869. In April, from the 1st to the 25th, he purchased 176,117 ETH for $552 million through Binance withdrawals and on-chain buys at an average price of $3,138. 

Finally, between April 27 and April 29, he withdrew 22,316 ETH worth $72.38 million from Binance at an average price of $3,244.

Meanwhile, Justin Sun’s massive Ethereum accumulation has not gone unnoticed. His holdings are strategically placed, with 247,000 ETH stored in wallets and 417,000 ETH staked on various platforms. Specifically, he has allocated 215,217 ETH to EigenLayer, 120,139 ETH to Swell, 58,558 ETH to Puffer, 23,225 ETH to Lido, and 454 ETH to Etherfi.

Also Read: Bitcoin ETF Inflows At 7 Times Daily Supply, GBTC Inflows Continue

Market Implications and Future Prospects

The scale of Justin Sun’s Ethereum holdings has sparked widespread discussion about his investment strategy and its implications for the crypto market. His confidence in Ethereum reflects a broader trend among institutional and high-net-worth investors seeking to capitalize on its potential for long-term growth.

The timing of Justin Sun’s purchases coincides with significant market movements and technological advancements within the Ethereum network. As Ethereum continues to evolve, with upgrades and increased adoption in decentralized finance (DeFi) and non-fungible tokens (NFTs), Sun’s substantial stake could influence market dynamics and investor sentiment.

Besides, Justin Sun’s strategic positioning in staking platforms like EigenLayer and Lido indicates his belief in the long-term value and utility of Ethereum. By participating in staking, he not only supports the network but also earns rewards, enhancing the profitability of his holdings.

Notably, what has piqued the interest of the investors is ETH’s recent rally. As of writing, the Ethereum price soared 18.53% to $3,655.80, while its one-day trading volume soared 245.18% to $37.54 billion. Notably, the rally follows increasing odds of Spot Ethereum ETF approval by the SEC.

Also Read: Ethereum ETF Buzz Hint Biden’s Crypto Policy Shift, What’s The Catch?

The post Tron Founder Justin Sun Holds 665K ETH Sparking Discussions, What’s Next? appeared first on CoinGape.

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Filed under: News - @ May 21, 2024 7:22 am