Justin Sun Cashes in $60M of Ethereum (ETH) as Dormant Whales Stir-web3.0-php.cn

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Justin Sun Cashes in $60M of Ethereum (ETH) as Dormant Whales Stir

Barbara Streisand

Nov 11, 2024 pm 06:04 PM

ETH Price SurgeJustin Sun

After Ethereum's impressive 29% rally in the past week, pushing its price to $3,200, Tron founder Justin Sun has cashed in part of his Ethereum (ETH) holdings.

Justin Sun Cashes in M of Ethereum (ETH) as Dormant Whales Stir

Tron founder Justin Sun has partially liquidated his Ethereum (ETH), transferring 19,000 ETH, valued at approximately $60.83 million, to crypto exchange HTX. This sale is part of a larger investment strategy, with Sun having acquired an average of 392,474 ETH between February and August at an average price of $3,027 per coin.

Despite this sale, Sun's total ETH holdings remain substantial. According to data from Etherscan, Sun's known wallet address currently holds 346,060 ETH, valued at about $1.1 billion at current prices.

Sun's recent offload is the latest in a string of large Ethereum transactions by known entities. Last week, a dormant Ethereum whale, who hadn't moved their ETH in nearly three years, transferred 1,555 ETH (worth around $5 million) to Coinbase. This wallet originally bought 6,292 ETH for just $1,951 during the ICO. Its value has skyrocketed, reflecting a substantial profit.

Meanwhile, a major Ethereum whale, known as "Light," has also been selling. This whale, who at one point held 468,891 ETH, has sold 46,853 ETH for $138.8 million USDC and moved another 12,886 ETH to exchanges. Despite this, the whale still holds a hefty 352,036 ETH.

These large transactions come as Ethereum fiyatı nears the $3,200 mark, pushing its market capitalization close to $400 billion. This has sparked speculation about potential new all-time highs for the second-largest cryptocurrency.

Crypto analysts, like Michael van de Poppe, suggest that Ethereum may face resistance around this price but expect the ecosystem to continue performing well in the months ahead.

With a recent surge in Ethereum ETF inflows, experts are optimistic that the coin could benefit from Bitcoin's growth, potentially pushing ETH toward its next all-time high.

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