Justin Sun Buys $5 Million In ETH Ahead of Ethereum ETF Approval

Amid the current market volatility, the Ethereum (ETH) price is showing strength and holding steady around $3070 levels. There’s a massive whale activity currently happening around Ethereum, with Tron founder Justin Sun trying to absorb all the selling pressure before the upcoming approval of spot Ethereum ETF, scheduled within the next two weeks.

Justin Buys Ethereum in Huge Quantity

As per on-chain data provider Spot on Chain, Tron founder Justin Sun spent a total of $5 million USDT in order to acquire 1,614 ETH at a price of $3,097 per token.

Sun has been on an Ethereum accumulation spree since the beginning of the year. Spot on Chain reports that since February 8, Justin Sun has reportedly accumulated a total of 362,751 ETH across three different wallets, for an estimated total investment of $1.1 billion, and an average price of $3,047 per ETH.

Along with these purchases, Spot on Chain also noted that Sun recently deposited 45 million USDT to Binance, suggesting the possibility of future Ethereum acquisitions.

12 hours ago, Justin Sun (@justinsuntron) allegedly spent 5M $USDT to buy 1,614 $ETH at ~$3,097.

Since Feb 8, Justin Sun might have bought 362,751 $ETH (est. cost: $1.11B) at ~$3,047 via 3 wallets (more details in previous posts 👇).

Note that he also deposited 45M $USDT to… https://t.co/xeW1usR3MJ pic.twitter.com/aJ4zhXFas2

— Spot On Chain (@spotonchain) July 11, 2024

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Interestingly, the ETH whale accumulation has been happening just ahead of the spot Ether ETF approval, likely to happen before the end of July.

Also Read: Justin Sun Confirms Development Of Gas-Free Stablecoin Solution

Ethereum Whale Activity Jumps

While Justin Sun has been picking up Ethereum from the exchanges, there have also been huge ETH deposits taking place recently. In the last 24 hours, the Golem Project was one of the major depositors of ETH to crypto exchange Binance. However, on-chain data shows that they have reportedly stopped selling ETH, while simultaneously staking a total of 40,000 ETH.

Golem(@golemproject) appears to have stopped selling $ETH, and he staked 40,000 $ETH($124.6M) 8 hours ago.https://t.co/JLwB4bmBtQ pic.twitter.com/HzizTZ01YG

— Lookonchain (@lookonchain) July 11, 2024

Moreover, Elwood Technologies has also deposited 26,811 ETH worth over $84 million to crypto exchange Binance in the last three days. However, some of the Elwood-related addresses also withdrew 24,463 ETH from Binance during the same time.

As of now, the ETH price is holding firmly above $3,000 despite this massive whale activity. Technical indicators suggest that the Ethereum bottom could already be in.

$ETH – Thought we were gonna bounce at the first support (red line) but that broke. The good news is this support is looking much stronger and that’s a much better response. I’m hoping that was the low of Q3. pic.twitter.com/GzitxuQN8i

— IncomeSharks (@IncomeSharks) July 10, 2024

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Also Read: Ethereum Investors Are Ready To Sell ETH As It Hits $3.2K

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.