Following Ethereum’s drop below $4,000, a wave of whales (holding above 1,000 ETH) have proceeded to dump the world’s second-largest cryptocurrency.
With Ethereum trading under $3,800, a new report disclosed that whale wallets holding more than 1,000 ETH (or $3.92 million) has dropped by nearly 5% this year.
Justin Sun Joins the Ether Whale Dump Party
Justin Sun, the founder of TRON, who has one of the largest known Ethereum wallets, has been seen dumping his ETH holdings in 2021.
According to analytics firm Wu Blockchain, since the start of December, Sun has sold 165,989 ETH – approximately $592 million in a series of Ether transactions to Binance.
According to a post shared by Colin Wu, the founder of Tron did not sell his Ethereum holding for personal profit. Instead, Colin Wu reported that the transactions were made from internal deployment wallets that were not used to profit.
Justin Sun has also clarified the reason for the transactions. According to Sun, the transactions were part of an “internal deployment of wallets and had nothing to do with Ethereum or Tron.”
Even after selling $600 million in Ether, Sun’s wallet address still holds more than $2 billion in ETH. After leaving the TRON Foundation, Justin Sun started his new career path as a crypto diplomat for Grenada, a small Caribbean nation.
On the Flipside
- Regardless of the increasing whale dumps, 80% of all ETH wallets are still in profit
Why You Should Care
There is a diverse view on the future of Ethereum. While some whales are trading off their Ethereum, some others are increasing their stakes.