Justin Sun quietly accumulates Ether (ETH) ahead of the potential Ethereum spot ETF approval

With the Ethereum exchange-traded funds (ETFs) set to enter the United States market later this month, investors are bagging the digital asset

Justin Sun’s crypto wallet received 1,614 ETH ($5 million) from Binance. The Tron co-founder has been quietly accumulating Ether since February.

Justin Sun’s crypto wallet has received 1,614 Ether (ETH) in the latest over-the-counter (OTC) deal, as reported by Footprint Analytics on July 6. The digital assets, purchased at the market price of $3,097, were acquired using the Tether (USDT) stablecoin.

According to the data, the digital assets were sent to Sun’s wallet from Binance at a total cost of $5,000,000 at the time of the transaction. The report adds that the crypto assets were later moved to another wallet.

Sun has been quietly accumulating Ether since February 24 and currently owns a total of 362,751 of the second-largest digital asset after Bitcoin (BTC) at an average price of $3,047.

The Footprint Analytics data shows that the Ether holdings are stored in three different crypto wallets. Each of the wallets receives the assets from Binance.

Earlier this year, Sun deposited around $21 million on Binance in June. According to reports, the funds were later spent on Ether purchases.

Moreover, the Chinese-born Grenadian entrepreneur also deposited another $45 million worth of USDT to Binance. The funds are also speculated to be used for other Ether purchases in the future.

On July 5, Sun incurred a paper loss of $66 million after the bears hit Ether with a 10% decline. The Tron boss would have generated a profit of $58 million 24 hours before the drop.

Whales accumulating Ether ahead of ETF approval

Meanwhile, Justin Sun is just one of many whales accumulating Ether ahead of the potential Ethereum spot ETF approval in the coming days.

Over the past 24 hours, several crypto exchanges like Binance have processed huge volumes of Ether transactions. Lookonchain, a blockchain data tracker, uncovered that the Golem Project, a decentralized computational resources platform, transferred $9.3 million worth of Ethereum to Binance, Coinbase, and Bitfine为大家服务

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