Justin Sun Buys Over 1,600 ETH Ahead of Ethereum ETF Launch, Whales Signal Bullish Pattern

Ahead the the Ethereum ETF launch scheduled to happen a few days from now, whales, including Tron founder, Justin Sun, are betting large on the future of the asset

Tron founder Justin Sun has purchased a large amount of ETH coins ahead of the upcoming launch of an Ethereum ETF, according to recent reports.

Spotonchain, an AI-driven crypto insight platform, has reported that Sun spent 5 million USDT to purchase exactly 1,614 ETH when the coin was trading at $3,097. This brings Sun's total ETH holdings to 362,751, valued at approximately $1.11 billion. On average, Sun purchased this much ETH at $3,047 through three wallets.

According to the platform, the Tron founder also deposited about $45 million USDT to Binance.

In other news, the Golem Project, a decentralized computational resources platform, sent 3,000 ETH, worth $9.3 million, to Binance, Bitfinex, and Coinbase exchanges. The firm also moved a massive 40,000 ETH, valued at $124.6 million to an address labeled “0x159a.” A few hours later, Golem appeared to have stopped selling ETH, and instead moved to stake a substantial 30,399 ETH.

London-based Elwood Technologies also shifted 26,811 ETH, worth about $84 million), to the Binance exchange. Simultaneously, some wallet addresses related to Elwood withdrew over 24,000 ETH from the same exchange.

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