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Justin Sun Dumps $119M Ethereum As ETH Soars Past $4K, What’s Next?
Justin Sun, the founder of Tron moved 29,920 ETH worth $119.7 million to HTX after Ethereum’s price surged past $4,000. The transaction has raised questions about whether Sun is taking profits or positioning for further gains.
With Ethereum’s price momentum and growing institutional interest, the market is buzzing about its next move. Although analysts predict potential new highs, but key resistance levels and market dynamics will determine the path ahead.
Justin Sun’s Strategic Ethereum Moves Since November
As per Spot On Chain, Sun deposited 29,920 ETH worth $119.7 million to HTX on December 8 after the ETH price surpassed $4,000. This move follows his earlier activity of transferring significant amounts of ETH. On December 5, he deposited 20,000 ETH valued at $76.3 million to HTX as it surged past $3,800.
The latest transaction adds to Sun’s previously significant Ethereum acquisitions. Between February and August, he allegedly purchased 392,474 ETH for $1.19 billion at an average price of $3,027. With Ethereum crossing the brief $4,000 mark recently, Justin Sun has realized an estimated profit of $366 million, excluding staking rewards and airdrops.
From early November, Sun has sent 41,630 ETH ($145.9 million) to centralized exchanges, including 39,000 ETH to HTX and 2,630 ETH to Poloniex, at an average price of $3,505. Additionally, Justin Sun deposited staking rewards, including 322,119 EIGEN tokens worth $1.44 million and 175,021 ETHFI tokens valued at $516,000 to HTX, underscoring his lucrative Ethereum strategy amid the bull run.
Ethereum’s Price Surge and ETF Momentum
Ethereum (ETH) price reached $4,017 this week, marking a 26% monthly increase and a 7% weekly gain. While ETH price today dipped 3% in the last 24 hours to $3,852, the bullish sentiment remains intact. Analysts attribute the momentum partly to robust ETF inflows, which have provided significant market support.
On-chain analyst Ali suggests Ethereum could approach record levels, with the next significant resistance near $4,540. However, they emphasize the importance of holding support at $3,560 to maintain the bullish momentum. If this trend continues, it may be on track for even greater price breakthroughs.
There is nothing preventing #Ethereum $ETH from reaching new all-time highs. The only modest resistance zone ahead is around $4,540. But as long as the $3,560 demand zone holds, the odds favor the bulls! pic.twitter.com/rggCAWOCA9
— Ali (@ali_charts) December 7, 2024
As reported by SoSo Value, Ethereum ETFs recorded $837 million in net inflows last week, setting a new record. BlackRock’s ETH ETF (ETHA) led the charge, contributing $573 million in weekly inflows. The increased institutional interest in ETH spot ETFs signals growing confidence in the asset’s future performance.
Coingape Staff
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Disclaimer: 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.
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