Justin Sun Cashes Out $60.8M in ETH After 29% Price Surge

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As a seasoned crypto investor with over a decade of experience in this volatile market, I’ve learned to keep a keen eye on the movements of key players like Justin Sun and Ethereum whales. The recent surge in Ethereum’s price and subsequent selling by these big fish has piqued my interest.

Following Ethereum‘s impressive 29% surge over the past week, propelling its price to around $3,200, I, as a crypto investor, have noticed that Tron founder Justin Sun has liquidated a portion of his Ethereum (ETH) holdings. Moments ago, Sun moved approximately 19,000 ETH, valued at roughly $60.83 million, to the cryptocurrency exchange HTX.

This sale forms a piece of a broader investment plan, as Sun has amassed approximately 392,474 Ether coins from February to August, with an average price of $3,027 per coin. Though this recent disposal is substantial, it represents only a small fraction of his overall Ethereum holdings.

Simultaneously with Sun’s activities, long-dormant Ethereum whales are stirring as well. An early investor in Ethereum’s ICO, who hadn’t touched their ETH for almost three years, recently moved 1,555 ETH (approximately $5 million) to Coinbase. This wallet initially purchased 6,292 ETH for only $1,951 during the ICO. The value of this investment has soared dramatically, indicating a significant return on investment.

Furthermore, it’s worth noting that a significant Ethereum investor, who owns approximately 398,891 ETH, has also begun offloading their holdings. Starting from November 7, they have disposed of 46,853 ETH, valued at around $138.8 million in USDC, and transferred an additional 12,886 ETH to trading platforms. However, even after these transactions, the investor still maintains a substantial 352,036 ETH.

As I watch Ethereum edge closer to $3,200, I can’t help but feel a sense of anticipation as its market capitalization inches towards an impressive $400 billion. This has set off whispers about possible new all-time highs, and while crypto analysts like Michael van de Poppe warn that Ethereum might encounter resistance around this price point, they’re optimistic about the ecosystem’s continued growth in the coming months.

As more money flows into Ethereum ETFs, financial analysts are hopeful that this could lead to Ethereum profiting from Bitcoin‘s rise, possibly propelling Ethereum towards a new record high price.

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2024-11-11 10:28