Justin Sun Withdraws Hundreds of Ethereum Amid Market Speculation

The on-chain data platform Spot On Chain reported that Justin Sun, the creator of Tron (TRX), recently withdrew hundreds of Ethereum (ETH) from Binance after purchasing them at an average price of $2,239. This move led to speculation that Sun might be anticipating a drop in ETH’s price, prompting him to withdraw his holdings from the cryptocurrency exchange.

Does Justin Sun Believe Ethereum’s ETH Price Has Bottomed Out?

According to on-chain data, the famous altcoin billionaire Justin Sun recently withdrew 6,166 ETH, worth $13.8 million, which he had deposited to the cryptocurrency exchange Binance and purchased at an average price of $2,239.

Sun’s move led market observers to speculate that he might have made the withdrawal based on his assessment that ETH’s price has bottomed out. The move by the creator of Tron is particularly noteworthy as it comes just days before the expected approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) on January 8-10, 2024.

As is well known, the cryptocurrency market has been closely watched worldwide for some time now with the anticipation of a spot ETF approval. Ethereum, which has garnered significant interest like other altcoins, especially Bitcoin (BTC), has seen an 86.93% increase since the beginning of the year. The altcoin king is trading at $2,234, down 2.16% in the last 24 hours, at the time this article was written.

Sun’s Holdings in Altcoins and Noteworthy Figures

Justin Sun, who holds dozens of different altcoins in his personal wallet outside of cryptocurrency exchanges, currently has assets worth $521.9 million in this wallet address. The largest share in the wallet address is allocated to 183,000 units of Lido wstETH (WSTETH) valued at $469.72 million, with the second largest asset being 12,905 ETH worth $28.88 million.

Moreover, the altcoin billionaire’s wallet address also includes 577 billion units of Shiba Inu (SHIB) valued at $6.16 million, 6.25 million units of Curve Finance (CRV) worth $3.93 million, and 2.2 million units of Tether (USDT) valued at $2.2 million.