Justin Sun Faces $66M Loss As Ethereum Records 10% Fall, Here’s Why

Ethereum’s recent 10% price drop has caused market speculations, with the global crypto market cap slipping over 8%. Among the notable impacts is the potential $66 million loss for Tron founder Justin Sun.

This comes amid his active interest in acquiring Bitcoin from the German government to stabilize the market. Notably, the ripple effects of these developments are raising questions about market strategies and future movements.

Justin Sun May Lost $66M Sparking Concerns Over His Bitcoin Buying Plan

Ethereum’s sharp decline today has resulted in a staggering potential loss for Justin Sun, estimated at around $66 million. The dip, part of a broader market downturn, has caused significant concern among investors.

According to Spot On Chain, Sun’s extensive Ethereum holdings have been deeply affected by this downturn. The report showed that between February and June 2024, Justin Sun acquired 361,137 ETH through three wallets.

Meanwhile, the purchases include 169,604 ETH in February at an average price of $2,870, 176,117 ETH in April at $3,177, and 15,416 ETH in June at $3,474. Just a day before the plunge, Sun was enjoying a $58 million profit.

However, today, those gains have turned into a $66 million loss, highlighting the volatile nature of the cryptocurrency market. Meanwhile, these three wallets, which received Ethereum from Binance shortly after Sun’s stablecoin deposits, exemplify his active trading strategy.

Besides, Sun’s swift movements in the market show both the opportunities and risks of high-stakes crypto investments. Meanwhile, amid this setback, questions arise if Justin Sun will remain committed to his strategy of BTC acquisition to minimize the market fluctuations.

Also Read: Pro-XRP Lawyer Buys The Dip, Eyes Another Lower Entry Point

Bitcoin Buying Strategy In Question

While grappling with the Ethereum loss, Sun’s focus has also shown his willingness to negotiate with the German government to buy their Bitcoin holdings off-market. German government’s recent significant offloading of Bitcoin has weighed heavily on investor sentiment.

However, Justin Sun aims to minimize further market disruptions by acquiring the government’s Bitcoin holdings privately. Sun’s willingness to engage with the German government highlights his broader strategy to stabilize the cryptocurrency market.

Meanwhile, this proposal aims to avoid potential price volatility that could arise from large-scale Bitcoin sales by a government entity. Discussions are expected to explore terms that could facilitate a smooth transfer of these holdings, potentially altering market dynamics.

However, the recent market downturn raises questions about whether Justin Sun will stay committed to his plans. Notably, in the past 24 hours, the market has witnessed massive liquidations, with 229,669 traders liquidated, amounting to $639.42 million in total. According to CoinGlass data, the largest single liquidation order, valued at $18.48 million, occurred on Binance’s ETHUSDT pair.

This wave of liquidations underscores the fragile state of the market and the need for strategic maneuvers to mitigate losses. As of writing, Ethereum price was down 10% and traded near the $2,800 mark. Its trading volume rose 52% to $30 billion in the last 24 hours.

Also Read: Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.