Ahead of Ethereum ETF Approval Justin Sun Adds ETH Worth $5M to Portfolio

Tron founder Justin Sun recently added on to his list of cryptocurrency investments. Sun acquired 1,614 Ethereum (ETH) tokens for $5 million USDT, recently. The acquisition happened at a crucial moment as the market expects the approval of a spot Ethereum ETF.

This is not the first time the Tron founder has made such an investment, as he has been known to have a strong affinity for Ethereum in the current market environment.

Justin Sun Ethereum Accumulation Details

Since February 8th this year, Justin Sun has been gradually building up his Ethereum holdings. According to the on-chain data analysis firm, Spot on Chain, Sun has a total of 362,751 ETH. This means that Sun owns ETH worth approximately 1.1 billion dollars divided across three wallets.

The cost of acquisition of these tokens over the period builds an average of 3,047 USD per ETH. This huge investment shows Sun’s trust in Ethereum and his belief in its grow.

Recent activity points to the fact that Sun might just be planning to pour more resources into the cryptocurrency. A transfer of 45 million USDT to the cryptocurrency exchange Binance suggests potential future acquisitions of Ethereum. 

This kind of behavior shows that there is a deliberate plan of investing in cryptocurrencies especially in a coin that is still stable in the market even with high trading volumes and whale activities.

Market Response and Whale Activity

Even with an increased number of transactions and deposited funds, the price of Ethereum has not decreased and has remained above the $3,000 support level. At the time of writing, Ethereum was trading at $3,126.43, noting a 1.5% increase in the last 24 hours. 

Ethereum is seeing a lot of whale action. Of late, large amounts of coins are being transferred which is normally an indication of preparation for big market swings. The relative stability of Ethereum’s price denotes a strong market fundamental. It also shows a possibility of a bullish trend among the large investors.

In the last 24 hours alone, a lot of Ether has been transferred to and from the major exchanges. Notably, companies like Golem Project and Elwood Technologies have been in action with the former stopping sales and putting a huge stake, and the latter transferring thousands of ETH, which may show a positive shift in the market for Ethereum.

Anticipation of Ethereum ETF Approval 

The timing of Sun’s recent buys aligns with the expectation of the approval of a spot Ethereum ETF which is expected in the near future. This kind of approval may increase institutional money inflow and enhance the recognition of Ethereum as a legitimate financial instrument in the market, which in turn may support its price stability and sustainability in the long run.

The market’s stability points to a maturing market that is becoming increasingly attractive to investors. This stability is crucial as it demonstrates the potential for Ethereum to withstand market volatility and maintain its value over time.

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