Justin Sun, the founder of Tron, a decentralized blockchain-based operating system, has found himself joining the Spot Ethereum ETFs FOMO with a new $5 million investment in Ethereum (ETH), the world’s second-largest cryptocurrency.
Tron Founder Buys $5 Million Worth Of ETH
In an X (formerly Twitter) post on July 11, Spot On Chain, an AI-driven on-chain analytics platform, uncovered a new Ethereum transaction allegedly executed by Sun. According to the analytics platform, the Tron founder had supposedly spent $5 million to buy 1,614 ETH tokens at an approximate price of $3,097 per ETH.
Related Reading
Spot On Chain revealed that since February 8, 2024, Sun has purportedly purchased a total of 362,751 ETH tokens at an estimated cost of more than $1.11 billion, with an average price of $3,047 per ETH. This massive ETH transaction was executed via three crypto wallet addresses.
Additionally, the analytics platform noted that the Tron founder recently deposited 45 million USDT to Binance, a major crypto exchange, suggesting the possibility of new intentions to buy more Ethereum soon. The crypto founder has often received ETH coins from Binance right after depositing his stablecoin into the exchange.
Interestingly, Sun’s newest ETH purchase comes as the FOMO surrounding Spot Ethereum ETFs is growing stronger in the crypto market. Previously in June, Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC) announced that Spot Ethereum ETF trading will officially launch in the summer. As a result, the broader crypto market has been looking forward to the debut of a digital asset that could potentially trigger a major rally for ETH.
Before his $5 million ETH purchase, Sun had supposedly recorded a major loss after Ethereum declined by 10% on July 7. Spot On Chain disclosed that the Tron founder may have lost $66 million in the volatile market, erasing the initial $58 million profit he had gained just a day earlier.
Ethereum Whales Enter Accumulation Phase
Despite the recent declines experienced by Ethereum, the FOMO and excitement surrounding Spot Ethereum ETFs may have triggered a change in market sentiment and investors’ demand for the cryptocurrency. According to prominent crypto analyst, Ali Martinez, Ethereum whales are back to accumulating ETH.
The analyst disclosed that the cryptocurrency had witnessed a brief distribution period, potentially triggered by Ethereum’s low market performance and subsequent drop to $3,055 as of writing. In addition to ETH, Bitcoin (BTC) has also declined significantly, plummeting by more than 14% over the past month.
Related Reading
While whales show renewed interest in Ethereum, crypto analysts predict further price declines in the cryptocurrency following the launch of Spot Ethereum ETFs. However, as demand for Ethereum ETFs rises and market conditions stabilize, ETH could see its price potentially rising as high as $8,000 this market cycle.
Featured image created with Dall.E, chart from Tradingview.com
Justin Sun, the founder of Tron, a decentralized blockchain-based operating system, has found himself joining the Spot Ethereum ETFs FOMO with a new $5 million investment in Ethereum (ETH), the world’s second-largest cryptocurrency.
Tron Founder Buys $5 Million Worth Of ETH
In an X (formerly Twitter) post on July 11, Spot On Chain, an AI-driven on-chain analytics platform, uncovered a new Ethereum transaction allegedly executed by Sun. According to the analytics platform, the Tron founder had supposedly spent $5 million to buy 1,614 ETH tokens at an approximate price of $3,097 per ETH.
Related Reading
Spot On Chain revealed that since February 8, 2024, Sun has purportedly purchased a total of 362,751 ETH tokens at an estimated cost of more than $1.11 billion, with an average price of $3,047 per ETH. This massive ETH transaction was executed via three crypto wallet addresses.
Additionally, the analytics platform noted that the Tron founder recently deposited 45 million USDT to Binance, a major crypto exchange, suggesting the possibility of new intentions to buy more Ethereum soon. The crypto founder has often received ETH coins from Binance right after depositing his stablecoin into the exchange.
Interestingly, Sun’s newest ETH purchase comes as the FOMO surrounding Spot Ethereum ETFs is growing stronger in the crypto market. Previously in June, Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC) announced that Spot Ethereum ETF trading will officially launch in the summer. As a result, the broader crypto market has been looking forward to the debut of a digital asset that could potentially trigger a major rally for ETH.
Before his $5 million ETH purchase, Sun had supposedly recorded a major loss after Ethereum declined by 10% on July 7. Spot On Chain disclosed that the Tron founder may have lost $66 million in the volatile market, erasing the initial $58 million profit he had gained just a day earlier.
Ethereum Whales Enter Accumulation Phase
Despite the recent declines experienced by Ethereum, the FOMO and excitement surrounding Spot Ethereum ETFs may have triggered a change in market sentiment and investors’ demand for the cryptocurrency. According to prominent crypto analyst, Ali Martinez, Ethereum whales are back to accumulating ETH.
The analyst disclosed that the cryptocurrency had witnessed a brief distribution period, potentially triggered by Ethereum’s low market performance and subsequent drop to $3,055 as of writing. In addition to ETH, Bitcoin (BTC) has also declined significantly, plummeting by more than 14% over the past month.
Related Reading
While whales show renewed interest in Ethereum, crypto analysts predict further price declines in the cryptocurrency following the launch of Spot Ethereum ETFs. However, as demand for Ethereum ETFs rises and market conditions stabilize, ETH could see its price potentially rising as high as $8,000 this market cycle.
Featured image created with Dall.E, chart from Tradingview.com
get clomiphene without rx where buy clomiphene no prescription how to get clomid buy generic clomid tablets where can i get generic clomiphene clomiphene pill how to get cheap clomid pill
With thanks. Loads of erudition!
More posts like this would make the online time more useful.
azithromycin brand – metronidazole 200mg usa order generic metronidazole 200mg
purchase domperidone generic – flexeril generic cyclobenzaprine order online
buy amoxil sale – ipratropium 100 mcg us how to buy ipratropium
buy zithromax medication – azithromycin sale buy generic bystolic
order nexium without prescription – anexa mate buy nexium 40mg for sale
medex buy online – https://coumamide.com/ buy losartan 50mg without prescription
buy meloxicam pills – swelling buy meloxicam
purchase deltasone for sale – inflammatory bowel diseases order deltasone 40mg generic
online ed pills – fastedtotake.com free ed pills
buy amoxil pills for sale – buy amoxicillin tablets amoxicillin for sale
buy forcan cheap – on this site buy fluconazole 100mg without prescription
order cenforce 50mg pills – site buy generic cenforce online
walgreens cialis prices – on this site side effects of cialis daily
order ranitidine 300mg pill – online buy ranitidine 300mg online
how long does cialis stay in your system – on this site when does cialis patent expire