There are reports that Justin Sun, the founder of Tron, transferred 29,920 ETH worth $119.7 million to HTX on December 8 after Ethereum’s price crossed $4,000.
Just 3 days prior, he made a transfer of 20,000 ETH valued at $76.3 million to the same platform, when Ethereum climbed above $3,800. Now, people are starting to wonder if Sun is cashing out, or if he is setting himself up for bigger wins.
According to Spot On Chain, Sun has been actively buying Ethereum throughout the year. From February to August, he bought 392,474 ETH for $1.19 billion at an average price of $3,027 per token. Lately, he’s been sending Ethereum to exchanges, transferring 41,630 ETH (worth $145.9 million) in November and December, with $366 million in profits from these transactions so far.
He’s also staking tokens. He recently sent $1.44 million in EIGEN tokens and $516,000 in ETHFI tokens to HTX, showing he’s still betting on this bull run.
Ethereum has had a strong run. Last week, on Friday, it hit $4,017, up 26% for the month. The price has since dipped by 3% to $3,891 in the last 24 hours.
However, On-chain analyst Ali thinks Ethereum could break its old records if it gets past $4,540. But if it falls below $3,560, the momentum could slow down. In a recent tweet on X, he said “There is nothing preventing #Ethereum $ETH from reaching new all-time highs. The only modest resistance zone ahead is around $4,540. But as long as the $3,560 demand zone holds, the odds favor the bulls!”
The rally was due to a strong inflow into Ethereum ETFs. Last week, BlackRock’s ETF alone brought in $573 million, contributing to a total of $837 million across all Ethereum ETFs, based on data from SoSo Value.
Also Read: Spot Ethereum ETFs Outshine Bitcoin Ahead Thanksgiving Week
