Tron’s Justin Sun Buys 14,884 Ethereum (ETH) Amid Market Recovery
Highlights
- Justin sun's total ETH holdings stash reaches closer to 400K amid recent accumulation.
- Spot Ethereum ETF see net inflows on Monday despite market bloodbath.
- Crypto market recovery pushes the Ethereum price above $2,500 regaining $300 billion market cap.
Crypto industry veterans are extending full support in this crypto market crash by buying the dips. Tron founder Justin Sun, who’s been on an Ethereum accumulation spree since February 2024, purchased an additional 14,884 ETH on Monday.
Justin Sun Buying Ethereum
Blockchain analytics platform Spot On Chain reported that Tron founder Justin Sun purchased a staggering $36 million worth of Ethereum from Binance in the past ten hours. As said, this is part of Sun’s longer ETH accumulation strategy over the past few months, thereby taking his total ETH holdings to 392,474. The estimated purchase cost of these holdings is $1.19 billion with the current market value now under $1 billion amid the Ethereum price correction.
Justin Sun (@justinsuntron) withdrew 14,884 $ETH ($35.97M) from #Binance 10 hours ago!
This brought the total amount of $ETH he accumulated since Feb to 392,474 $ETH (est. cost: $1.19B, now worth: $995M).
Note that Justin Sun also deposited a net amount of 49M $USDT to #HTX in… pic.twitter.com/43dHfK4U74
— Spot On Chain (@spotonchain) August 6, 2024
As the ETH price tanked under $2,000 on Monday, there were strong rumors that more than $200 million in Justin Sun’s leveraged long positions were liquidated. However, Sun was quick to address this matter stating that the Tron team never indulges in leveraged trades.
The ETH price has shown a surge amid the broader crypto market recovery as the US recession fears abated to a great extent following strong PMI data and improving employment numbers. Currently, the ETH price is trading above $2,500 with its market cap regaining $300 billion.
Also Read: US Recession Fears Abating As Services PMI Hits 51.4%
Ether ETFs See Net Inflows
Despite the bloodbath on Satoshi Street on Monday, and ETH crashing under $2,000, the spot Ether ETFs saw net inflows yesterday. As per the data from Farside Investors, the net inflows in spot Ether ETFs stood at $48.8 million yesterday.
The BlackRock Ethereum ETF (ETHA) clocked inflows of $47.1 million while Grayscale’s ETHE saw $46.8 million in outflows. Fidelity’s FETH and VanEck’s ETHV saw inflows of over $16 million each.
This shows that institutional players continue to see long-term opportunities in ETH while seeing the dips as a buying opportunity.
Also Read: Bitcoin ETF: Europe’s Capula Management Discloses $500 Mln Holding
- Experts Say Bitcoin CME Gap Brings Short Term Uncertainty Before Uptober Rally Begins
- MrBeast Expands Holdings in ASTER Token as Revenue Outpaces Hyperliquid by 10x
- Why Is Canary Litecoin ETF Approval by US SEC This Week Crucial for Crypto Market?
- LBank Signs Sponsorship Deal with Argentine National Team, Launches $100M Bonus
- ASTER Leads Perp DEX Volumes Despite $4.8M Wintermute Transfers
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
