Tron Founder Justin Sun Absorbs Selling Pressure From Whales, Buys $5M Worth of Ethereum (ETH) Ahead of Spot ETF Launch

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).

Tron founder Justin Sun has acquired a staggering $5 million in Ethereum (ETH) in the past 24 hours, setting the stage for a massive development in the cryptocurrency landscape. As the launch of spot ETH ETFs (exchange-traded funds) draws near, Sun has added approximately 1,614 ETH to his already impressive holdings.

This purchase was highlighted in a recent X post by Spot On Chain, an on-chain tracking platform. According to their analysis, Sun began accumulating ETH in early February and has since utilized multiple wallets to acquire a total of 362,751 ETH, valued at around $1.1 billion at an average purchase price of $3,047.

Sun’s shopping spree might not be over yet, as he recently deposited another $45 million in USDT into Binance. This move comes amid large deposits of ETH on centralized exchange platforms.

One notable entity that has been shifting its holdings recently is the Golem Project. The company appears to have paused the sale of its ETH holdings and instead opted to stake 40,000 ETH, as reported by 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

Another large depositor is Elwood Technologies, which has been credited with sending 26,811 ETH to Binance over the past three days. However, some wallet addresses belonging to the company withdrew 24,463 ETH during the same period, partially offsetting the deposits.

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.

This occurrence is especially noteworthy as multiple Ethereum ETF filings have been submitted to the SEC in the past week. One filing was made by asset manager ProShares, which is seeking to launch an ETF that will track the performance of the spot price of ETH. Another filing was made by Valkyrie, which is seeking to launch an ETF that will invest in a basket of cryptocurrencies, including ETH, BTC, ADA, SOL, DOT, MATIC, SHIB, and LINK.

pic.twitter.com/lCZBQo2spS

— 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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