Tron founder Justin Sun has recently withdrawn 14,884 Ether (ETH) from the Binance exchange, valued at approximately $35.97 million, according to data from Spot On Chain. This transaction adds to Sun's total ETH holdings, which he has been accumulating since February. With this latest addition, Sun now holds 392,474 ETH, estimated to have cost him $1.19 billion and currently valued at $995 million.
Denial of Liquidation Rumors
Sun's withdrawal coincides with his public denial of rumors suggesting he was liquidating his positions. As the price of ETH fell below $2,000 on Monday, speculation arose that over $200 million in Sun's leveraged long positions were being liquidated. Sun dismissed these claims as "false" and criticized leveraged trading strategies, stating that they do not significantly benefit the industry.
Additional Transactions
In the past three days, Sun has also deposited a net amount of $49 million worth of Tether (USDT) to the HTX exchange.
Market Recovery
Following a significant market downturn over the last 48 hours, the cryptocurrency market is showing signs of recovery. Bitcoin has surged to a high of $56,000, while Ethereum has risen to $2,525, gaining crucial support and rallying over 10% to reach a daily high of approximately $2,547.
The recent crash also affected major global stock indexes, leading Ethereum's fear and greed index to drop to 17 percent, indicating extreme fear. However, on-chain data analysis shows that whale investors, including Sun, have capitalized on this opportunity by withdrawing Ether. Notably, another large investor withdrew 16,236 ETH, worth about $40 million, from the HTX exchange.
Spot Ether ETFs
Additionally, the recently approved US-based spot Ether ETFs have registered a net cash inflow of about $1.64 million on Monday, driven by VanEck’s ETHV and Fidelity’s FETH.
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