Justin Sun Moves $119M ETH as Price Hits $4K

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As an analyst with over two decades of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. The recent surge in Ethereum‘s price has caught my attention, particularly the massive transfers by Justin Sun to HTX.

On December 8, it’s been reported that Justin Sun, creator of Tron, moved approximately 29,920 Ether (worth around $119.7 million) to HTX, following Ethereum’s price surpassing $4,000.

Three days ago, he carried out a transaction of 20,000 Ether (ETH), equivalent to approximately $76.3 million, to the same system. This transfer occurred when Ethereum exceeded $3,800 in value. Now, there’s speculation among people as to whether Sun is liquidating his holdings, or if he’s strategically positioning himself for even larger profits.

As reported by Spot On Chain, Sun has consistently acquired Ethereum throughout the year. Between February and August, he purchased a total of 392,474 ETH at approximately $1.19 billion, with an average price of roughly $3,027 per token. Lately, he’s been moving Ethereum to exchanges, transferring 41,630 ETH worth around $145.9 million in November and December alone. To date, these transactions have generated a profit of approximately $366 million for him.

Apart from his previous investments, he’s also placing tokens. Lately, he transferred approximately $1.44 million worth of EIGEN tokens and $516,000 worth of ETHFI tokens to HTX, demonstrating that he remains optimistic about the ongoing bull market trend.

I’ve been riding high with my Ethereum investment recently. Just a week ago, on Friday, it peaked at an impressive $4,017, marking a 26% growth for the month. However, over the past day, there’s been a slight dip, with the price falling by 3% to $3,891 as of now.

According to on-chain analyst Ali, Ethereum might surpass its previous records if it manages to climb above $4,540. However, should it drop below $3,560, its momentum could weaken. In a recent post on platform X, he expressed that there’s no major obstacle for Ethereum ($ETH) to hit new record highs. The only potential resistance lies around $4,540. As far as the $3,560 support level remains strong, the chances favor the bulls.

As a crypto investor, I’ve noticed an impressive surge in the market, and I believe it’s largely due to a significant influx into Ethereum Exchange-Traded Funds (ETFs). Last week, BlackRock’s ETF alone attracted a staggering $573 million, adding to a collective $837 million across all Ethereum ETFs. These figures, sourced from SoSo Value, underscore the growing interest in Ethereum and its potential impact on the broader crypto market.

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2024-12-09 19:33