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.
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%
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
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