{"id":548695,"date":"2024-07-11T09:55:48","date_gmt":"2024-07-11T09:55:48","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=548695"},"modified":"2024-07-11T09:55:48","modified_gmt":"2024-07-11T09:55:48","slug":"justin-sun-scoops-up-5-million-eth-as-ethereum-etf-launches-approach","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/justin-sun-scoops-up-5-million-eth-as-ethereum-etf-launches-approach","title":{"rendered":"Justin Sun Scoops Up $5 Million ETH As Ethereum ETF Launches Approach"},"content":{"rendered":"

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 <\/span>ETFs<\/span><\/a> (exchange-traded funds).<\/span><\/p>\n

Sun’s recent purchase saw him add around 1,614 ETH to his holdings, according to a July 11 X <\/span>post<\/span><\/a> by the on-chain tracking platform Spot On Chain.<\/span><\/p>\n

\"Tron's<\/p>\n

Justin Sun Absorbs Selling Pressure From Whales<\/span><\/h2>\n

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 <\/span>said<\/span><\/a>.<\/span><\/p>\n

His shopping spree might not be over yet because he recently deposited another $45 million via USDT to Binance. <\/span><\/p>\n

Sun’s <\/span>ETH<\/span><\/a> 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. <\/span><\/p>\n

But the company appears to have stopped selling its holdings and has opted to stake 40,000 ETH, according to Lookonchain.<\/span><\/p>\n

\n

Golem(@golemproject<\/a>) appears to have stopped selling $ETH<\/a>, and he staked 40,000 $ETH<\/a>($124.6M) 8 hours ago.https:\/\/t.co\/JLwB4bmBtQ<\/a> pic.twitter.com\/HzizTZ01YG<\/a><\/p>\n

— Lookonchain (@lookonchain) July 11, 2024<\/a><\/p><\/blockquote>\n