Justin Sun, the founder of Tron (TRX) and a prominent figure in the cryptocurrency industry, once again made headlines with his Ethereum purchases. Taking advantage of the recent declines in the market, Sun bought Ethereum again after having made several purchases throughout the year.
According to Spot on Chain, a wallet believed to belong to Justin Sun received 4,629 ETH ($16.07 million) from Binance at a price of $3,472. In the past three days, this wallet has accumulated a total of 13,967 ETH (worth $48.8 million) from Binance at an average price of $3,494.
It’s not just Justin Sun who is capitalizing on the decline in Ethereum. Another ETH whale known as czsamsunsb.eth also made purchases. This whale withdrew 8,310 ETH (worth $28.3 million) from Binance.
Analysts point out that despite the current market decline, whales and major market players like Justin Sun continue to accumulate Ethereum. They speculate that this accumulation may be driven by optimism surrounding the rumors of an upcoming spot Ethereum ETF launch in early July.
As of now, Ethereum is trading at $3,317. Please note that this article does not constitute investment advice.
To invest in over 300 cryptocurrencies, you can register with Binance exchange using this link for a 20% commission discount. For exclusive news, analytics, and on-chain data, follow our Telegram and Twitter accounts.
0 comments
