Tron founder Justin Sun has once again caught the attention of market watchers with his massive purchase of Ethereum. Recent blockchain analysis suggests that Sun may be taking advantage of the current market decline to increase his ETH holdings.
Justin Sun’s Ethereum Buying Spree
According to data shared by Ember CN, it is suspected that Justin Sun’s new wallet address has purchased a large amount of Ethereum.
Has Brother Sun started buying the bottom?
The new address suspected to belong to Justin Sun used 37 million USDT to buy 16,236 ETH in the past 3 hours, with an average price of $2,279.This address was created 3 hours ago and withdrew 38 million USDT from HTX. Then he spent 37 million USDT to buy 16,236 ETH on the chain, with an average price of $2,279.
This address most likely belongs to Brother Sun, for the following reasons:
1⃣Brother Sun used to 2… pic.twitter.com/ufn5tkABCO— Ember (@EmberCN) August 5, 2024
The address was created a few hours ago, withdrew 38 million USDT from the HTX exchange and used 37 million USDT to purchase 16,236 ETH at an average price of $2,279. Several factors suggest Sun has the wallet.
Accumulation of Ethereum Holdings
In the past two days, Sun has transferred 210 million USDT to HTX. The purchase behavior is consistent with other addresses related to Sun’s purchase of ETH.
Data from Spot On Chain shows that since February 8, 2024, addresses associated with Sun have cumulatively purchased 377,590 ETH, with an average purchase price of $3,051, totaling approximately $1.15 billion.
Market Speculation and Response
In response to market speculation, Justin Sun denied rumors that his positions were liquidated. He stated that he rarely engages in leveraged trading strategies.
Rumors about our positions being closed are false. We rarely engage in leveraged trading strategies because we believe such transactions do not bring significant benefit to the industry. Instead we prefer to engage in activities that provide greater support to the industry and…
— HE Justin Sun Sun Yuchen (@justinsuntron) August 5, 2024
During the recent market rout, Ethereum fell to $2,100, sparking accumulation rumors. The global cryptocurrency market value also fell below the $1.8 trillion level. Despite the market conditions, Sun’s aggressive ETH purchases continue to make headlines.
Also Read: Bitcoin Reacts to Global Market Crash, Bitcoin Falls Below $50,000
