Justin Sun Acquires Another 14,884 Ethereum as Market Shows Signs of Recovery
Tron founder Justin Sun are taking advantage of the situation by strategically purchasing Ethereum (ETH). Sun has been strategically accumulating Ethereum since February 2024 and recently obtained an additional 14,884 ETH on Monday.
According to Spot On Chain, a blockchain analytics platform, Justin Sun acquired a substantial $36 million worth of Ethereum from Binance within the last ten hours, bringing his total ETH holdings to 392,474. While the estimated initial cost of these holdings was $1.19 billion, the current market value has decreased to under $1 billion due to Ethereum’s price correction.
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It was speculated that over $200 million in leveraged long positions of Justin Sun were liquidated during Ethereum’s price drop to under $2,000 on Monday. However, Sun clarified that the Tron team does not engage in leveraged trading.
Following positive PMI data and improving employment numbers easing concerns of a US recession, the price of ETH has seen a resurgence during the broader crypto market recovery. Currently, ETH is trading above $2,500, with its market capitalization surpassing $300 billion.
Despite the market turmoil and ETH’s decline below $2,000, there were net inflows in spot Ether ETFs. Data from Farside Investors indicates that the total net inflow in spot Ether ETFs amounted to $48.8 million yesterday.
Notably, the BlackRock Ethereum ETF (ETHA) attracted inflows of $47.1 million, while Grayscale’s ETHE experienced outflows of $46.8 million. Fidelity’s FETH and VanEck’s ETHV each saw inflows of over $16 million. These numbers indicate that institutional investors continue to recognize the long-term potential in ETH and consider market downturns as an opportunity to make strategic purchases.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
