Justin Sun Escalates Ethereum Buying Spree with $5M Purchase

Mr. Sun’s continuous shopping binge on Ethereum has bore fruit, but not all major players share the same confidence.

Justin Sun sitting in a villa with a huge glowing Ethereum.
Created by Kornelija Poderskytė from DailyCoin
  • Major player activity on Ethereum jumps as Ether reclaims $3.1K after a 6-day hiatus.
  • Justin Sun’s latest $5M ETH acquisition depicts a strategy used since February 2024.
  • Looming ETH ETF issuance wakes the industry’s heavyweights, calling Ether’s bottom.

TRON blockchain founder Justin Sun continues to buy the Ether (ETH) dip. His strategy to gradually top up on his stash was initiated on February 12, 2024, when he bought a whopping 168,369 Ether in 12 days.

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Ethereum’s market value steadily soared from $2,505 on February 12, 2024, to $2,926 on February 24.

This time, the crypto entrepreneur spent $5M of Tether USD (USDT) to get 1,614 ETH at an average price of $3,047, according to data by SpotOnChain, a popular whale tracker. Similarly, Sun procured 1,449 Ethereum on June 25, 2024.

Justin Sun’s Ethereum Stock Soars Above $1B

As Sun’s Ethereum holdings have surged past the $1 billion mark, it’s important to note that this is divided into three separate on-chain wallets with different average acquisition prices. To illustrate, Tron’s founder bought 169,604 ETH tokens at an average price of $2,870 with the wallet address starting with ‘0x7a9.’

Sun’s heaviest crypto wallet, labeled ‘0x435,’ had the most expenses out of the three, with 177,732 ETH bought between April and July 2024 at an average price of $3,176. Upon further research by DailyCoin, it was established that Sun had used a large chunk of these funds to stake in Lido Protocol.

Sun’s second crypto wallet is now worth $389 million. The largest asset held in the account is 96,141 of Lido Staked Ether (stETH), while Ether.Fi Staked ETH (EETH) comes second with 28,087 EETH on the balance. Finally, Sun’s lightest crypto wallet, still tagged as ‘anonymous’ on SpotOnChain, purchased 15,416 Ether throughout June 2024.

Whales Confident in Ethereum Amid ETF Hype

Sun’s Ethereum buying sprees since February 2024 have accomplished a realized gain of $355.15K, while the unrealized profit currently stands at $21.07M. This happened after Sun sold off 10,000 tokens at an average price of $3,082.

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Sun expressed confidence in Ethereum’s chain by both holding ETH and staking the largest altcoin on Lido Protocol and Ether.Fi, and other crypto whales jumped on the Ethereum Spot ETF hype wave and also significantly topped up their positions. To name a few, Elwood Technologies cashed out 24,463 Ether from Binance, equaling $76,772,722.

As of press time, ETH is trading at $3,143.97, picking up 1.3% daily gains. ETH is still 10.8% behind its position 30 days ago, but the tables could turn completely upside down in case of a smooth Ethereum Spot ETF launch in the United States over the coming weeks.

On the Flipside

  • The whale tracker SpotOnChain also noted that Sun deposited $45M of USDT to Binance, potentially laying the foundation for additional well-timed Ethereum acquisitions.
  • Other large transactions over the past 24 hours show a tendency of whales selling off their Ethereum holdings, as the liquidity book is almost evenly balanced at both 24-hour buys and sells nearing $100M.

Why This Matters

Ethereum’s upcoming exchange-traded fund (ETF) products can amplify the largest Proof Of Stake blockchain’s influence in both crypto and traditional financial markets.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.