According to PANews, a suspected Sun Yuchen address has been monitored by on-chain analyst @ai_9684xtpa. The address, identified as 0x435...Ef7cB, has reportedly purchased 1614 Ethereum (ETH) through 1inch on-chain in the past 15 minutes. The average cost of these purchases was $3101, amounting to a total value of $5 million. Following this, the address deposited 20,000 ETH into Aave.
Since April 17, this address has increased its holdings by 65,878 ETH. The significant increase in Ethereum holdings by this address has sparked interest among crypto enthusiasts and analysts. However, the identity of the address owner remains unconfirmed, with speculation suggesting it could be Sun Yuchen.
The use of Aave for depositing such a large amount of Ethereum also indicates a growing trend among crypto holders. Aave is a decentralized finance protocol that allows people to lend and borrow crypto. The deposit of 20,000 ETH into Aave by this address suggests a potential strategy of earning interest on these holdings.
This news comes amid a volatile period for Ethereum, with its price fluctuating significantly in recent months. Despite this, the address has continued to accumulate Ethereum, indicating a strong belief in the long-term value of the cryptocurrency.