After Ethereum’s impressive 29% rally in the past week, pushing its price to $3,200, Tron founder Justin Sun has cashed in part of his Ethereum (ETH) holdings. Just hours ago, Sun transferred 19,000 ETH, worth about $60.83 million, to crypto exchange HTX.
This sale comes as part of a larger investment strategy, with Sun having accumulated around 392,474 ETH between February and August, averaging $3,027 per coin. His recent offload, while significant, is relatively small compared to his total ETH holdings.
Alongside Sun’s actions, dormant Ethereum whales are also becoming active. An early Ethereum ICO investor, who hadn’t moved their ETH in nearly three years, transferred 1,555 ETH (worth around $5 million) to Coinbase. This wallet originally bought 6,292 ETH for just $1,951 during the ICO. Its value has skyrocketed, reflecting a substantial profit.
Additionally, a major Ethereum whale holding 398,891 ETH has started selling as well. Since November 7, they have sold 46,853 ETH for $138.8 million USDC and moved another 12,886 ETH to exchanges. Despite this, the whale still holds a hefty 352,036 ETH.
As Ethereum nears the $3,200 mark, its market cap approaches $400 billion, sparking speculation about potential new all-time highs. Crypto analysts, like Michael van de Poppe, suggest that Ethereum may face resistance around this price but expect the ecosystem to continue performing well in the months ahead.
With a surge in Ethereum ETF inflows, experts are optimistic that the coin could benefit from Bitcoin’s growth, potentially pushing ETH toward its next all-time high.
Also Read: Tether Transfers Over $2 Billion in USDT to Ethereum Network
