What’s Justin Sun Planning? $70 Million Cash-Out Follows Ethereum Rally
Justin Sun, the founder of Tron, is taking advantage of the recent Ethereum rally. After Ethereum surged 29% on the heels of a major Bitcoin-led market advance, Sun cashed out a part of his Ether investment.
In addition to Justin and other individual traders, other institutional traders and dormant whales have also taken advantage of the recent price action. Ethereum is trading at the $3,100s level, hitting a high of $3,240.29 last November 11th. Sun started cashing out at $3,202, pushing his estimated profit to $69.36 million, reflecting a 5.69% increase.
Justin Sun Capitalizes On Recent Ethereum Surge
Justin Sun is patiently offloading some of his ETH holdings amid a more significant Ethereum and crypto market rally. On-chain data suggests that he has continuously invested in maximizing the digital asset’s price action. SpotOnChain reports that Tron’s founder initially deposited 19,000 ETH at $3,202 to HTX.
Justin Sun (@justinsuntron) appears to be cashing in on $ETH amid the latest market rally!
15 hours ago, he deposited the first 19,000 $ETH ($60.83M) to HTX at $3,202.
This was part of the net 392,474 $ETH he allegedly acquired at an average price of $3,027 (est. cost: $1.19B)… https://t.co/976PXgoJ80 pic.twitter.com/UCNpE0vnVp
— Spot On Chain (@spotonchain) November 11, 2024
Justin’s latest transaction at HTX pushed his estimated total profit to $69 million, or an increase of 5.70%. According to on-chain data, this tranche was part of the 392,474 tokens he acquired from February 8th to August 5th for $3,027 across three wallets.
The average price of Justin Sun for ETH is $3,027, reflecting a total investment worth $1.19 billion. In short, his recent transaction at HTX is “relatively small” compared to his total ETH holdings, and as such, it should not be a cause for concern among holders.
An Early ETH Holder Becomes Active
As Ethereum moves this week, another early Ether ICO holder has moved, PeckShield Alert disclosed. On-chain data reveals the account holder has reactivated its account after three years of dormancy, moving 1,555 ETH worth roughly $5 million into a Coinbase address.
According to the same online sleuth, this account originally received 6,292 tokens during Ethereum’s ICO, with an investment of $1,951. The account’s total holdings are now worth over $20 million, a huge increase from its initial investment.
The giant whale with 398,891 $ETH($1.28B) has sold 46,853 $ETH for 138.8M $USDC at $2,920 since Nov 7!
7 hours ago, the whale transferred another 12,886 $ETH($41.24M) to sell.
The whale currently holds 352,036 $ETH($1.27B).https://t.co/O79eaAdgrk pic.twitter.com/8YGA6vx7iG
— Lookonchain (@lookonchain) November 11, 2024
Another ETH Whale Unloads Its ETH Holdings
Lookonchain data shows another Ethereum whale with 398,891 tokens valued at around $1.28 billion unloaded 46,853 ETH tokens at a price of $2,920 on November 7th. The same account transferred 12,886 tokens worth $42 million at current prices, still leaving substantial holdings worth $1.27 billion.
The data suggests that ETH whales still hold a considerable share of the tokens and take advantage of the current market rally. Ethereum surged by 30% over the past week, and for $3,200, the asset’s market cap is nearing $400 billion.
Featured image from Pexels, chart from TradingView
