Tron founder Sun Yuchen sells $143 million worth of Ethereum
Tron (TRX) founder Sun Yuchen recently sold $143 million worth of Ethereum (ETH) in recent weeks. This large-scale sell-off has further intensified negative sentiment in the market. Although ETH briefly rose above $4,000 a few days ago, it is now around $3,300.
The sales began on November 10, 2024, totaling 108,919 ETH, worth about $400 million. Additionally, 42,904 ETH tokens will be unstaked on Lido Finance, which may create even greater selling pressure in the coming days.
Lost confidence in the bull market?
The selling pressure from major participants like Sun Yuchen has raised questions about the market conditions. Some speculate that the bull market is cooling down, and record prices will take longer to achieve. There are even rumors that the bull market may have ended.
Although Ethereum is far from its historical high of nearly $4,900, the current price could potentially break through the key $3,000 mark. If this happens, it may further decline to lower levels. The coming weeks are crucial for the largest altcoin.
Whale buying
However, not everyone is selling. Large investors, also known as whales, have recently purchased 340,000 ETH, worth over $1 billion. These purchases occurred within 96 hours, from wealthy addresses holding between 10,000 and 100,000 ETH. Analysts say this indicates that prices may break through.
Additionally, some experts remain optimistic. Guy Turner from the popular YouTube channel Coin Bureau predicts that ETH will explosively rise to $14,600, a 330% increase.
