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Justin Sun Buys $5 Million In ETH Ahead of Ethereum ETF Approval

Despite the strong whale activity, the Ethereum price continues to be stable holding above $3,000. Justin sun grows his ETH stack, now valued at $1.1 billion.
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Justin Sun Buys $5 Million In ETH Ahead of Ethereum ETF Approval

Highlights

  • Justin Sun spent $5 million USDT to acquire 1,614 ETH at $3,097 each.
  • Since February, Sun has accumulated a total of 362,751 ETH worth approximately $1.1 billion across three wallets, averaging $3,047 per ETH.
  • Ethereum's price remains stable above $3,000, supported by increased whale activity.

Amid the current market volatility, the Ethereum (ETH) price is showing strength and holding steady around $3070 levels. There’s a massive whale activity currently happening around Ethereum, with Tron founder Justin Sun trying to absorb all the selling pressure before the upcoming approval of spot Ethereum ETF, scheduled within the next two weeks.

Justin Buys Ethereum in Huge Quantity

As per on-chain data provider Spot on Chain, Tron founder Justin Sun spent a total of $5 million USDT in order to acquire 1,614 ETH at a price of $3,097 per token.

Sun has been on an Ethereum accumulation spree since the beginning of the year. Spot on Chain reports that since February 8, Justin Sun has reportedly accumulated a total of 362,751 ETH across three different wallets, for an estimated total investment of $1.1 billion, and an average price of $3,047 per ETH.

Along with these purchases, Spot on Chain also noted that Sun recently deposited 45 million USDT to Binance, suggesting the possibility of future Ethereum acquisitions.

Interestingly, the ETH whale accumulation has been happening just ahead of the spot Ether ETF approval, likely to happen before the end of July.

Also Read: Justin Sun Confirms Development Of Gas-Free Stablecoin Solution

Ethereum Whale Activity Jumps

While Justin Sun has been picking up Ethereum from the exchanges, there have also been huge ETH deposits taking place recently. In the last 24 hours, the Golem Project was one of the major depositors of ETH to crypto exchange Binance. However, on-chain data shows that they have reportedly stopped selling ETH, while simultaneously staking a total of 40,000 ETH.

Moreover, Elwood Technologies has also deposited 26,811 ETH worth over $84 million to crypto exchange Binance in the last three days. However, some of the Elwood-related addresses also withdrew 24,463 ETH from Binance during the same time.

As of now, the ETH price is holding firmly above $3,000 despite this massive whale activity. Technical indicators suggest that the Ethereum bottom could already be in.

Also Read: Ethereum Investors Are Ready To Sell ETH As It Hits $3.2K

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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