In the past week, Ethereum prices have surged 29% to $3,200, and Tron founder Justin Sun has liquidated part of his ETH investment. Reports indicate that dormant ETH whales have also become active by selling off their holdings. Investors are waiting to see how the largest altcoin reacts to these developments.
Tron founder Justin Sun sells ETH
While capitalizing on last week's rise in Ethereum prices, Tron founder Justin Sun has been making substantial profits. About 15 hours ago, he deposited 19,000 ETH (worth approximately $60.83 million) into HTX at an ETH price of $3,202.
Thus, the total profit he gained from these transactions is estimated at $69.36 million, rising nearly 5.69% after the recent surge in Ethereum prices. According to data from SpotonChain, this deposit by Justin Sun is part of the 392,474 ETH he allegedly acquired through three wallets between February 8 and August 5.
He purchased ETH at an average value of $3,027, with an estimated total investment of $1.19 billion. Therefore, compared to the total value of ETH held by Justin Sun, the recent sell-off is negligible and does not indicate an increase in his concerns.
Additionally, according to data from PeckShield Alert, an early Ethereum ICO participant has reactivated their holdings after nearly three years of inactivity, transferring 1,555 ETH worth approximately $5 million to the cryptocurrency exchange Coinbase.
This wallet holder initially acquired 6,292 ETH during the Ethereum Initial Coin Offering (ICO) for an investment of just $1,951. The total holdings of this participant are now approximately $20.15 million, a significant increase since the ICO.
Are dormant Ethereum whales unloading?
Data from Lookonchain shows that an Ethereum whale holding 398,891 ETH (worth $1.28 billion) sold 46,853 ETH at a price of $2,920 since November 7, exchanging for $138.8 million in USDC. In the past few hours, the same whale transferred 12,886 ETH worth $42 million to exchanges. Thus, this whale still holds 352,036 ETH, valued at $1.27 billion.
This indicates that although Ethereum whales continue to hold substantial assets, they are still looking for some profit opportunities in the current rebound.
In the past week, Ethereum prices have risen 30%, currently trading close to $3,200, with a market capitalization slightly below $400 billion. More and more people are calling for Ethereum to reach a new all-time high; however, from now on, this altcoin needs to rise 60% to set a new record.
Cryptocurrency market analyst Michael van de Poppe stated that the ETH price may encounter some resistance around $3,200 before showing further movement. However, he expects the Ethereum ecosystem to perform well in the coming months.
On the other hand, after Donald Trump's victory, the inflow of spot Ethereum ETFs has turned healthy again.
Blockchain analysis platform Santiment reports: "Any growth in Bitcoin during this bull market is expected to lead to profit redistribution to Ethereum, potentially pushing it towards historical highs, while its network activity looks very healthy."
