TRON Founder Justin Sun Continues to Buy the Ether (ETH) Dip, His Ethereum Stock Soars Above $1B

Justin Sun's Ethereum holdings have surged past the $1 billion mark, it's important to note that this is divided into three separate on-chain wallets with different average acquisition prices.

TRON blockchain founder Justin Sun continues to add to his Ether (ETH) holdings, a strategy he began on February 12, 2024, with a purchase of 168,369 Ether over 12 days.

His latest purchase saw him allocate $5 million in Tether USD (USDT) to acquire 1,614 ETH at an average price of $3,047, according to data from SpotOnChain, a whale tracking service. Sun also acquired 1,449 Ethereum on June 25, 2024.

Justin Sun’s Ethereum Holdings Surpass $1 Billion

As Sun's Ethereum holdings have now surpassed the $1 billion mark, it's worth noting that his holdings are divided across three separate on-chain wallets with varying average acquisition prices. For instance, Tron's founder acquired 169,604 ETH tokens at an average price of $2,870 with the wallet address beginning '0x7a9.'

Sun's heaviest crypto wallet, labeled '0x435,' incurred the highest expenses among the three, with 177,732 ETH purchased between April and July 2024 at an average price of $3,176. Further analysis by DailyCoin revealed that Sun utilized a significant portion of these funds for staking on Lido Protocol.

Sun's second crypto wallet is now valued at $389 million, with the largest asset in the account being 96,141 Lido Staked Ether (stETH), followed by Ether.Fi Staked ETH (EETH) with 28,087 EETH in the balance. Finally, Sun's lightest crypto wallet, still marked as 'anonymous' on SpotOnChain, acquired 15,416 Ether throughout June 2024.

Whales Load Up on Ethereum Amid ETF Anticipation

Sun's ETH buying sprees since February 2024 have netted him a realized gain of $355,150, while his unrealized profit currently stands at $21.07 million. This follows Sun's sale of 10,000 tokens at an average price of $3,082.

Sun's sustained confidence in Ethereum's chain is evident not only through his holding of ETH but also in his staking of the largest altcoin on Lido Protocol and Ether.Fi, as other crypto whales joined the wave of hype surrounding the Ethereum Spot ETF and notably topped up their positions. Elwood Technologies, for instance, withdrew 24,463 Ether from Binance, amounting to $76,772,722.

At the time of writing, ETH is trading at $3,143.97, notching up 1.3% daily gains. ETH is still 10.8% shy of its position 30 days ago, but the tables could turn completely upside down in the event of a smooth launch of the Ethereum Spot ETF in the United States over the coming weeks.

On the Flipside

Justin Sun's Ethereum buying sprees have netted him a realized gain of $355,150, while his unrealized profit currently stands at $21.07 million.

Why This Matters

Ethereum's upcoming exchange-traded fund (ETF) products could amplify the largest Proof Of Stake blockchain's footprint in both crypto and traditional financial markets.

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