Justin Sun’s Ethereum holdings now total 392,474 ETH amid market volatility concerns.
Jump Trading withdraws 606 million USDC, sparking fears of Ethereum sell-off.
Ethereum price sees 8.78% increase despite a 23.70% weekly decline amid volatility.
SpotOnChain recently reported that Justin Sun, the founder of Tron, withdrew a significant amount of Ethereum from Binance. The withdrawal, totalling 14,884 ETH, is valued at approximately $35.97 million. This action brings Sun’s total Ethereum holdings since February to 392,474 ETH, which was acquired at an estimated cost of $1.19 billion but is now worth $995 million due to the unstable market conditions.
Justin Sun (@justinsuntron) withdrew 14,884 $ETH ($35.97M) from #Binance 10 hours ago!This brought the total amount of $ETH he accumulated since Feb to 392,474 $ETH (est. cost: $1.19B, now worth: $995M).Note that Justin Sun also deposited a net amount of 49M $USDT to #HTX in… pic.twitter.com/43dHfK4U74
— Spot On Chain (@spotonchain) August 6, 2024
Justin Sun’s financial actions extend beyond Ethereum. Over the past three days, Sun has deposited 49 million USDT to the HTX exchange. This movement has raised concerns that Sun might be gearing up for further Ethereum acquisitions.
However, Sun has publicly denied any issues with liquidity or potential liquidation of his positions. On his X account, he clarified that rumors of his liquidated positions are false, emphasizing that he typically avoids securitized trading strategies. Instead, Sun stated that his focus remains on industry-supportive activities, such as staking, node operations, and providing liquidity to projects.
In contrast to Justin Sun’s approach, Jump Trading has been actively selling Ethereum, raising concerns within the crypto community. Lookonchain data shows that since July 24, Jump Trading has withdrawn 606 million USDC from Binance and deposited 440 million USDC into Coinbase.
Wu Blockchain corroborated this information, noting that Jump Trading recently converted a large amount of wrapped staked Ethereum (wstETH) into Ethereum. Specifically, the firm converted 120,000 wstETH, valued at $410 million, into ETH and transferred the sum to major crypto exchanges like Binance and OKX. This move has caused speculation about a potential Ethereum sell-off by Jump Trading.
These changes happen amid notable fluctuations in the Ethereum market. Ethereum’s price was $2,526.44 at the time of writing, marking an 8.78% rise in the last 24 hours. Despite this, Ethereum has dropped 23.70% over the past week, highlighting the ongoing difficulties for investors and traders in the cryptocurrency market.
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