Justin Sun, the founder of Tron, has once again captured the crypto world’s attention with plans to acquire 53,000 Ethereum, valued at $209 million. This comes on the heels of a significant ETH selloff by Sun, raising questions about the potential impact of his actions on ETH price trajectory.
On-chain analytics platform Spot On Chain reported that Sun recently withdrew 52,905 ETH from Lido, aligning with his broader accumulation strategy. Between February and August, Sun reportedly amassed 392,474 ETH through three wallets, spending $1.19 billion in total. His holdings now reflect a profit of $349 million, representing a robust 29% return on investment.
Last week, Sun offloaded 29,920 ETH—worth $119.7 million—to the HTX exchange just as Ethereum touched the $4,000 milestone. The market has been abuzz with speculation about whether Sun intends to liquidate more ETH or maintain his current accumulation strategy.
ETH Price Resilience
Despite concerns over Sun’s recent selloff, Ethereum has shown remarkable resilience. ETH experienced a 2% uptick in the past 24 hours, trading at $3,961 with a peak of $4,020. Its one-day trading volume surged by 11% to $30.5 billion, signaling strong market activity. Over the past month, Ethereum has gained 27%, bolstering optimism among investors.
Market confidence is further evident in the 5% rise in ETH Futures Open Interest, according to CoinGlass data. While some analysts worry that Sun’s moves could trigger volatility, others see bullish momentum in the broader market. Ali Martinez, a renowned crypto market expert, highlighted that ETH whales have been accumulating since the cryptocurrency crossed the $3,300 threshold.
What Lies Ahead for Ethereum?
As Ethereum inches closer to its psychological $4,000 barrier, the market remains divided on the implications of Sun’s actions. Some experts fear that additional selloffs could exert downward pressure on the price, while others point to bullish indicators, including predictions of ETH targeting the $15,000 mark in the near future.
Sun’s decisions will undoubtedly remain a focal point for investors. Whether his next move supports Ethereum’s bullish run or introduces short-term turbulence, his actions are set to shape the narrative for the world’s second-largest cryptocurrency.
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