Justin Sun’s plan to buy 52,905 ETH stirs market speculation as Ethereum nears $4,000.
Concerns grow after Sun’s $120M ETH sell-off, yet his 29% ROI sparks investor interest.
Ethereum shows strong market growth, with rising trading volume and bullish sentiment.
The creator of Tron, Justin Sun, is causing quite some buzz in the crypto community with his plans to buy up to 53,000 Ethereum (ETH). His proposal is made while Ethereum, the second most valued cryptocurrency, hovers around $4,000, a 2.53% rise in the last day. This comes after Sun’s recent ETH sell-off, which has created uncertainty about the asset’s future price.
In an X post on Monday, analytical firm Spot On Chain revealed that Sun had submitted a withdrawal request for 52,905 ETH, or about $209 million, from Lido. The firm also disclosed that Sun bought 392,474 ETH for $1.19 billion across three wallets between February and August 2024. He has made a total revenue of over $349 million from his investments, which gives an ROI of 29%.
Sun’s Sell-Off Raises Speculation
A week ago, Sun sold 30k ETH for $119.7m on the HTX exchange at the very moment when the ETH price approached $4000. Nevertheless, current market participants are keen to learn whether Sun will sell the remaining assets or explore other potential strategies.
However, the above concerns are merely a perception since Ethereum has performed well in the market. ETH rose by 1.80% over the last week and, as of press time, is trading at $3,948. The trading volume of ETH hit $30.57 billion, 8.05% higher than the previous day’s turnover.
Ethereum’s Bullish Sentiment Grows
CoinGlass data shows that the open interest in Ethereum futures has risen by more than 5% as the market keeps growing. However, analysts are still optimistic about the future of ETH. Crypto analyst Ali Martinez pointed out that the big wig Ethereum investors are buying the coin at a pace since ETH hit $3,300.
However, Sun’s recent actions have certainly caused a stir. The general perspective towards Ethereum is still positive, with institutional investors actively acquiring the asset and positive price expectations for the asset. However, all eyes will be on Sun’s next moves to see whether he will continue to influence the price of Ethereum in the coming months.
The post Justin Sun’s Bold Move: Will 53K ETH Buy Impact ETH’s Price? appeared first on CryptoTale.
