Emily Walker
Justin Sun, the creator of Tron, is leveraging the recent upsurge in Ethereum’s value. Following a substantial 29% increase in Ethereum, largely influenced by a Bitcoin market rise, Sun sold off a portion of his Ether assets.
In addition to Justin, individual traders and institutional investors have also capitalized on the evolving market. Currently, Ethereum is trading in the $3,100 range, reaching a peak of $3,240.29 on November 11. Sun began selling his Ether at $3,202, which has resulted in an estimated profit of $69.36 million, a 5.69% increase.
Justin Sun Takes Advantage of Ethereum’s Rise
Justin Sun is methodically selling segments of his ETH as the broader Ethereum and crypto markets rally. On-chain analytics indicate his strategic approach to maximize the digital asset’s market performance. Reports from SpotOnChain show that the Tron founder initially deposited 19,000 ETH at $3,202 to HTX.
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.
This was part of the net 392,474 $ETH he allegedly acquired at an average price of $3,027 (est. cost: $1.19B)… pic.twitter.com/UCNpE0vnVp
— Spot On Chain (@spotonchain) November 11, 2024
Sun’s latest transaction at HTX has boosted his estimated profit to $69 million, with a 5.70% increase. On-chain records indicate this recent move was part of a larger 392,474 ETH acquisition from February 8 to August 5 at an average price of $3,027 across three wallets.
Justin Sun’s average investment price for ETH stands at $3,027, with a total investment of approximately $1.19 billion. His recent activity at HTX is considered “quite small” relative to his total ETH holdings, suggesting minimal concern for other holders.
Reactivation of Early ETH Holder Accounts
This week, as Ethereum prices fluctuate, an early Ether ICO participant has returned to activity. PeckShield Alert reported that the dormant account moved 1,555 ETH, valued at about $5 million, into a Coinbase wallet after being inactive for three years.
This account originally acquired 6,292 tokens during Ethereum’s ICO, investing just $1,951. Its current holdings are now valued at over $20 million, showcasing substantial profit from the initial investment.
The giant whale with 398,891 $ETH($1.28B) has sold 46,853 $ETH for 138.8M $USDC at $2,920 since Nov 7!
7 hours ago, the whale transferred another 12,886 $ETH($41.24M) to sell.
The whale currently holds 352,036 $ETH($1.27B). pic.twitter.com/8YGA6vx7iG
— Lookonchain (@lookonchain) November 11, 2024
A Major ETH Whale Reduces Holdings
A report from Lookonchain shows that another Ethereum whale holding 398,891 ETH, valued at around $1.28 billion, sold 46,853 tokens for $2,920 each on November 7. Additionally, the account moved another 12,886 ETH (worth $42 million), but still retains significant assets valued at $1.27 billion.
The data illustrates that Ethereum whales continue to hold a substantial amount of tokens while capitalizing on the recent market uptick. Ethereum’s price has jumped by 30% over the past week, pushing its market capitalization close to $400 billion at the $3,200 price point.
Featured image from Pexels, chart from TradingView