Justin Sun’s 891M Ethereum Buying Spree: A Sign Of Recovery?

Sun’s latest ETH buy stirs positive sentiment across crypto markets thanks to Deja Vu to February’s moves.

Justin Sun showing off his shopping.
Created by Kornelija Poderskytė from DailyCoin
  • Two on-chain crypto wallets linked to Justin Sun get massive amounts of Ether.
  • LookOnChain spotted similar behaviour in February prior to ETH’s $4K run.
  • Crypto analysts explain how Justin Sun hedged Bitcoin’s plunge to $61K.

As the second largest digital asset Ether (ETH) tests a significant resistance line at $3.2K, cryptocurrency entrepreneurs are making their on-chain moves. In one of the latest cases, crypto entrepreneur Justin Sun was spotted by the blockchain detective agency LookOnChain in an Ethereum (ETH) buying frenzy, starting from April 8, 2024.

Sponsored

The famed crypto whale acquired 127,388 ETH, equivalent to $405 million worth of Ether (ETH), over the past two weeks. Previously, Mr. Sun deposited a whopping 787M Tether (USDT) on Tron’s network to Binance amid the cryptocurrency market drawdown in late March 2024.

Simultaneously, a fresh crypto wallet was created on March 31, 2024, where $96.8M worth of stablecoins were credited from Binance. This new cryptocurrency address acquired the aforementioned 127,388 Ether (ETH) at an average price of $3,172. 

Sun’s Reflection Of February’s Movement

As the largest Proof of Stake (PoS) blockchain tacks on $3,202.43 at press time, Justin Sun’s 127,388 Ether (ETH) acquisition draws allusions to that of mid-February 2024. Two months ago, Justin Sun’s crypto wallets purchased 168,369 Ether (ETH) in 12 days, starting from February 12 to February 24, 2024.

Similarly using Binance and some decentralized exchanges (DEXs) to buy Ethereum (ETH), this 168,369 ETH acquisition puts the cumulative balance to 295,757 ETH, converting to $891 million. Cumulatively, the Tron founder’s Ethereum buys are now at an average price of $3,014. On top of that, the crypto entrepreneur deposited $200M in stablecoins to Binance amid BTC’s $61K retest on April 17, 2024.

Upon further investigation by DailyCoin, Justin Sun’s accumulation motives were confirmed. The first crypto wallet dubbed ‘0x4359’ is currently holding 127.387K ETH, while the second crypto wallet address ’0x7a95’ contains 48.374K ETH, as well as staked and wrapped versions of Ether, including Lido Staked Ether (stETH) and ProShares Ether Strategy ETF (EETH).

On The Flipside

  • In spite of Ethereum’s substantial profitability of 72% in the last 365-day time frame, Ether’s way up can be challenging due to the rumors surrounding the Securities and Exchange Commission (SEC), which is widely expected to reject the upcoming Ether exchange-traded fund (ETF) application.

Why This Matters

Crypto sharks and whales accumulating Ethereum show a positive change in the market sentiment revolving around Ether, despite the high chances of an initial ETF rejection.

Sponsored

Explore DailyCoin’s top crypto stories:
Midas Eyes Crypto Trading Product After Raising $45 Million
Is the 4th BTC Halving Priced In? JPMorgan Says Rally Unlikely

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.