Tron founder Justin Sun has significantly increased his Ethereum holdings. Since February, he has amassed 362,751 ETH across multiple wallets, investing roughly $1.1 billion at an average price of $3,047 per ETH. Recently, Sun purchased an additional 1,614 ETH, valued at approximately $5 million USDT, further demonstrating his strong belief in Ethereum’s potential.
Strategic Accumulations Ahead of Spot Ether ETF Approval
This latest acquisition aligns with Sun’s ongoing buying spree since February. His substantial investments are timely, as the market anticipates the approval of a spot Ether ETF by the end of July. According to on-chain data provider Spot on Chain, Sun recently deposited 45 million USDT to Binance, hinting at potential future Ethereum purchases.
Increased Whale Activity in the Ethereum Market
Alongside Sun’s investments, other major players have shown increased activity in the Ethereum market. The Golem Project made significant ETH deposits to Binance but has reportedly ceased selling and staked 40,000 ETH instead. Similarly, Elwood Technologies deposited 26,811 ETH, valued at over $84 million, to Binance within the last three days. During the same period, withdrawals of 24,463 ETH from Elwood-related addresses on Binance were also noted.
Also Read: 21Shares Files Updated S-1 for Spot Ethereum ETF
Ethereum Price Stability and Market Outlook
Despite these large-scale movements, Ethereum’s price has remained resilient above the $3,000 mark. Technical indicators suggest a stable support level, hinting at potential bullish sentiment. Investors and analysts are closely monitoring these developments, anticipating the impact of increased Ethereum holdings and whale activity on market dynamics as the ETF decision approaches.
Justin Sun’s ongoing accumulation of Ethereum underscores growing confidence in the cryptocurrency’s prospects amidst market volatility. As major entities like Sun continue to invest heavily, the market awaits the potential approval of a spot Ether ETF, which could further influence Ethereum’s trajectory.
