Crypto mogul Justin Sun recently withdrew 13,780 ETH valued at $41.24 million from Binance, adding to a 13-day ETH buying spree totaling 168,369 ETH worth $487 million. This acquisition was completed just before Ethereum broke $3,000 on its third attempt in one week.
Sun’s accumulation has sparked speculation among crypto enthusiasts regarding his motives. Meanwhile, traders have noted similarities between Ethereum’s 35% monthly rally and Bitcoin’s price action before its ETF approval. There is also talk of BlackRock and Fidelity building up Ethereum balances. As major Bitcoin ETF issuers, they are seen as top contenders for a potential Ethereum ETF.
Significant ETH transfers have occurred from exchanges to more secure wallets per on-chain data provider Lookonchain. Over $45 million worth of ETH was recently withdrawn from Binance in one transaction.
The Ethereum network upgrade called Dencon is approaching on March 13th. Dencon aims to improve scalability and address long-standing issues, making it a widely anticipated upgrade event.
