Tron founder Justin Sun is making headlines after another substantial purchase of Ethereum (ETH). According to on-chain analytics provider Spot On Chain, a wallet attributed to the renowned cryptocurrency world figure allegedly bought 14,436 ETH. The huge purchase was valued at $45.5 million based on the market value of the second-largest cryptocurrency at the time.
Markedly, this recent Ethereum purchase which has become a trend with Sun, reflects his confidence in the Ethereum crypto.
Justin Sun’s Ethereum Acquisition Footprint
To a significant extent, Sun is known as an adept Ethereum trader. One of his greatest trades was when he capitalized on the peak price of the altcoin and offloaded 340,000 ETH. This preceded a market downturn, making him one of those who bagged huge gains amidst a bear market. For this latest purchase, Tron founder bought each ETH unit at a price point of approximately $3,117.
The events before his recent purchase, suggest that it was well-planned and executed. A few days earlier, Sun deposited $45 million in USDT to a central exchange (CEX) in preparation for his purchase. Analysis has shown that in the last few months, Sun has acquired up to 377,188 ETH through multiple wallets at an average price of $3,049.
Tron Founder Stays in Profit
Noteworthy, the Tron founder’s consistent faith in Ethereum is reflected in his recent acquisition as well as in the previous buys. It is also a show of his strategic approach to maximizing profits. Reports have it that Sun currently has more than $50 million in unrealized gains when his Ethereum holding is placed side by side with the current market value of the coin.
At the time of this writing, Ethereum was trading at $3,194.93 with a 1.32% increase within the last 24 hours.
Anticipation For Spot Ethereum ETF Trading
Meanwhile, Sun’s acquisition comes in anticipation of the United States Securities and Exchange Commission’s (SEC) nod toward spot Ethereum ETF trading. Most of the filers have resubmitted their S-1 amendments based on the regulator’s request. Invesco Galaxy submitted an updated S-1 filing for its spot Ethereum ETF last week and Bitwise has done the same.
Bitwise’s filing shows that it has exempted the sponsor fee for the initial $500 million in assets but no fee has been revealed for amounts exceeding this limit.
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