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Justin Sun makes $69M profit by selling Ethereum, while whales strategize with both accumulation and sales during the price rally.
Key Notes
Ethereum price rally sparks strategic moves among major players.Justin Sun deposited 19,000 ETH (worth $60.83M) into HTX, profiting $69.36M.Crypto experts predict ETH could reach $10,000 during the bull run.The recent Ethereum price ETH $3 179 24h volatility: 0.4% Market cap: $382.80 B Vol. 24h: $49.57 B rally has sparked some movements among major players in the crypto market. High-profile figures and large holders of Ethereum are making moves, possibly indicating varied sentiments around the asset’s future performance.
Spot On Chain revealed that TRON founder Justin Sun appears to be cashing in on his Ethereum holdings. The on-chain analytics firm reported that Sun recently deposited 19,000 ETH — worth about $60.83 million — into the crypto exchange HTX.
The firm noted that this latest deposit is part of the 392,474 ETH Sun allegedly acquired between February and August of this year, at an average price of $3,027, totaling an estimated investment of $1.19 billion. His total profit now stands at $69.36 million.
This move suggests that Sun may be looking to benefit from the rally, possibly hinting at a broader strategy for his Ethereum holdings.
Meanwhile, Lookonchain, reported that a large Ethereum whale holding nearly 400,000 ETH has been making active trades. Over the past few days, the whale sold 46,853 ETH, netting approximately $138.8 million at a selling price of $2,920 per token. This transfer activity didn’t stop there; just hours ago, the whale transferred an additional 12,886 ETH, valued at $41.24 million, to an exchange wallet, suggesting further potential sales in the short term. Even with these recent sales, the whale still holds 352,036 ETH, worth about $1.27 billion.
A Mixed Strategy: Accumulating vs. Selling Ethereum during the Rally
In a separate trend, while some whales are seen to be cashing out, another set is heavily accumulating both BTC and ETH. Lookonchain stated that four fresh wallets recently withdrew 12,499 ETH, worth approximately $40 million, from Binance. This withdrawal may signal that these large holders intend to store their ETH off the exchange, a move often associated with long-term holding rather than short-term trading.
Ethereum’s price has risen 36% in the last six days. It dropped 2% in the last 24 hours, but trading volume is still high at over 35%. The coin is trading at $3,138 as of the time of writing.
Crypto expert Michael van de Poppe said ETH is near $3,200 and might face some resistance there, but he expects it to keep rising along with its broader ecosystem.
Another crypto expert, Crypto Patel, who has over 40,000 followers, speculates on when ETH might hit a new all-time high. He said that, with how the market is going, Ethereum could reach $10,000 during this bull run.
Thus, with the crypto fear and greed index still showing extreme greed at 76% as of today, it can be said that the excitement around the crypto market is unlikely to fade anytime soon, as investors continue to accumulate strongly.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
