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Tron Founder Justin Sun bought $5 million worth of Ethereum (ETH) over the past 24 hours ahead of the likely imminent launch of spot ETH ETFs (exchange-traded funds).
Sun’s recent purchase saw him add around 1,614 ETH to his holdings, according to a July 11 X post by the on-chain tracking platform Spot On Chain.
Justin Sun Absorbs Selling Pressure From Whales
The Tron founder has been actively accumulating the leading altcoin since the beginning of the year. Since Feb. 8, he has used multiple wallets to purchase a total of 362,751 ETH worth about $1.1 billion at an average purchase price of $3,047, Spot On Chain said.
His shopping spree might not be over yet because he recently deposited another $45 million via USDT to Binance.
Sun’s ETH accumulation comes as large amounts of the altcoin are deposited on centralized exchange platforms. The Golem Project was one of the whales that sent a substantial amount of ETH to Binance recently.
But the company appears to have stopped selling its holdings and has opted to stake 40,000 ETH, according to Lookonchain.
Golem(@golemproject) appears to have stopped selling $ETH, and he staked 40,000 $ETH($124.6M) 8 hours ago.https://t.co/JLwB4bmBtQ pic.twitter.com/HzizTZ01YG
— Lookonchain (@lookonchain) July 11, 2024
Elwood Technologies is also among the large depositors after it sent 26,811 ETH to Binance throughout the past three days. Some of the wallet addresses belonging to the company did, however, withdraw 24,463 ETH during the same period to almost negate the deposits.
ETH Remains Down For The Week As Multiple Ethereum ETF Filings Hit The SEC’s Desk
Despite managing to print a small gain in the past 24 hours to trade at $3,115.61 as of 3:35 a.m. EST, the altcoin leader is down more than 2% on the weekly timeframe.
Multiple ETH ETF-related filings have been made in the past week.
— James Seyffart (@JSeyff) July 8, 2024
Bloomberg ETF analyst Eric Balchunas anticipates a potential approval for an ETH ETF by July 18.
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