One of the Tron co-founders, Justin Sun, has taken a bold step by investing $5 million in Ether ahead of the Ethereum ETFs in the United States.
Investors are acquiring digital assets in anticipation of the launch of Ethereum exchange-traded funds (ETFs) in the United States later this month. According to reports, Justin Sun, the co-founder of Tron, has acquired an additional 1,614 Ether (ETH) valued at approximately $5 million. The USDT stablecoin was employed to obtain the digital assets at the market price of $3,097.
The accumulation of Ether by Sun
Sun has been quietly amassing Ether since February 2024 and presently possesses 362,751 units of the second-largest digital asset after Bitcoin (BTC) at an average price of $3,047.
According to data from Spot On Chain, a blockchain company that employs artificial intelligence (AI) to offer market insights, the Ether holdings are held in three distinct crypto wallets. Binance transfers the assets to each wallet.
Sun deposited approximately $21 million on Binance in June of this year. The funds were subsequently utilized to purchase Ether, as indicated by reports. Binance received an additional $45 million USDT from the Grenadian entrepreneur, born in China. Additionally, there is speculation that the funds may be employed to acquire additional Ether.
On July 5, Sun experienced a paper loss of $66 million due to the bulls’ 10% decline in Ether. The Tron boss would have generated a profit of $58 million 24 hours before the decline.
Whales are accumulating Ether in anticipation of approval from an exchange-traded fund (ETF)
Justin Sun is one of numerous billionaires who are amassing Ether in anticipation of the potential approval of the Ethereum spot ETF soon.
In the last 24 hours, numerous crypto exchanges, including Binance, have processed substantial volumes of Ether transactions. The Golem Project, a decentralized computational resources platform, transferred $9.3 million worth of Ethereum to Binance, Coinbase, and Bitfinex, according to Lookonchain, a blockchain data tracker.
Furthermore, the crypto tracker discovered that the Golem Project had previously transferred 40,000 Ether, estimated to be worth approximately $124.6 million, to a different address merely referenced as “0x159a.”
Additionally, the organization recently staked 30,399 Ether to accumulate further incentives.
A few days ago, Lookonchain discovered that Elwood Technologies, a financial institution based in the United Kingdom specializing in cryptocurrency, has transferred a substantial amount of Ether to Binance. The exchange received 26,811 Ether, equivalent to approximately $84 million, from the company.
Nevertheless, the company reportedly withdrew approximately 24,000 Ether from Binance on the same day, immediately after the transfer.