Justin Sun Makes $69 Million Profit as Ethereum Price Rally Triggers Strategic Moves

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As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the recent Ethereum price rally and the maneuvers of major players within the crypto sphere. My personal journey through various market cycles has taught me that the actions of high-profile figures like Justin Sun can sometimes offer valuable insights into broader market sentiment.

The surge in Ethereum‘s price ($3 196) in recent times is causing ripples within the cryptocurrency market. Notable figures and significant Ethereum investors seem to be taking action, which could suggest differing opinions regarding Ethereum’s potential growth trajectory.

According to Spot On Chain’s analysis, it appears that Justin Sun, founder of TRON, is liquidating some of his Ethereum holdings. The data from the on-chain analytics firm shows that Sun recently transferred approximately 19,000 ETH, valued at around $60.83 million, into the cryptocurrency exchange HTX.

The company mentioned that the recent addition to their Ethereum holdings is included in the 392,474 ETH, Sun, which they reportedly bought from February to August this year, at an average cost of approximately $3,027 each. This adds up to a projected investment of around $1.19 billion. At present, their total earnings from this investment amount to about $69.36 million.

This action implies that Sun might be aiming to capitalize on the upward trend, potentially signaling a more extensive plan regarding his Ethereum investments.

Recently, it was noted by Lookonchain that a significant Ethereum investor possessing around 400,000 ETH has been actively trading. In the last few days, this investor offloaded 46,853 ETH, generating approximately $138.8 million at a selling price of roughly $2,920 per token. This whale didn’t cease its activity; just hours ago, it moved an additional 12,886 ETH, worth around $41.24 million, to an exchange wallet, hinting at possible future sales in the near future. Despite these recent transactions, the investor still retains a substantial amount of 352,036 ETH, equivalent to approximately $1.27 billion.

A Mixed Strategy: Accumulating vs. Selling Ethereum during the Rally

In a different development, while certain whales appear to be selling off their BTC and ETH, others are aggressively buying them up. According to Lookonchain, four new wallets have withdrawn 12,499 ETH, valued around $40 million, from Binance. This withdrawal could indicate that these major holders plan to keep their ETH off the exchange, a decision usually linked with long-term storage rather than short-term trading.

Over the past six days, Ethereum’s price has surged by approximately 36%. However, within the last 24 hours, it saw a minor decrease of 2%. Despite this dip, the trading volume remains robust, exceeding 35% mark. Currently, Ethereum is being traded at around $3,138.

As a seasoned crypto analyst, I’m sharing my perspective on Ethereum (ETH). Currently, I believe ETH is approaching the $3,200 mark, where it may encounter some resistance. However, I anticipate that it will continue its upward trajectory, mirroring the growth of its broader ecosystem.

A well-known cryptocurrency analyst, Crypto Patel, who boasts a following of more than 40,000, expresses his opinion on when Ethereum might achieve a fresh record peak. He predicts that, given the current market trends, Ethereum could potentially surge to $10,000 during this ongoing bullish trend.

In simpler terms, since the Crypto Fear & Greed Index remains high at 76%, suggesting intense enthusiasm, it seems that the buzz surrounding the cryptocurrency market isn’t likely to subside quickly, given the persistent buying trend among investors.

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2024-11-11 13:25