Justin Sun, the founder of Tron, is benefiting from the recent Ethereum rally. After Ethereum rose 29% on the back of a big Bitcoin-led market advance, Sun cashed out some of his Ether investment.
In addition to Justin and other individual traders, other institutional traders and sleeping whales have also benefited from the recent price action. Ethereum is trading at the $3,100 level and reached a high of $3,240.29 on November 11. Sun started paying out at $3,202, bringing its estimated profit to $69.36 million, an increase of 5.69%.
Justin Sun is taking advantage of the recent Ethereum spike
Justin Sun has patiently lost some of his ETH holdings amid a more significant rally in the Ethereum and crypto markets. Data from the chain suggests that he has continually invested in maximizing the digital asset’s price action. SpotOnChain reports that Tron’s founder initially deposited 19,000 ETH for $3,202 in HTX.
Justin Sun (@justinsuntron) seems to be cashing in $ETH in the midst of the latest market rally!
15 hours ago he deposited the first 19,000 $ETH ($60.83 million) to HTX for $3,202.
This was part of the net 392,474 $ETH he would have acquired for an average price of $3,027 (estimated cost: $1.19 billion)… https://t.co/976PXgoJ80 pic.twitter.com/UCNpE0vnVp
— Spot On Chain (@spotonchain) November 11, 2024
Justin’s last trade 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 for $3,027 across three wallets from February 8 to August 5.
Justin Sun’s average price for ETH is $3,027, reflecting a total investment of $1.19 billion. In short, his recent trade at HTX is “relatively small” compared to his total ETH holdings, and as such 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 announced. On-chain data shows that the account holder reactivated his account after three years of dormancy, moving 1,555 ETH worth approximately $5 million to 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. Total funds in the account are now worth more than $20 million, a huge increase over the original investment.
The giant whale with 398,891 $ETH($1.28 billion) sold 46,853 $ETH for 138.8 million $USDC for $2,920 since November 7!
Seven hours ago the whale transferred another 12,886 people $ETH($41.24 million) to sell.
The whale currently owns 352,036 whales $ETH($1.27 billion).https://t.co/O79eaAdgrk pic.twitter.com/8YGA6vx7iG
— Lookonchain (@lookonchain) November 11, 2024
Another ETH whale offloads its ETH holdings
Lookonchain data shows that another Ethereum whale with 398,891 tokens worth about $1.28 billion released 46,853 ETH tokens on November 7 at a price of $2,920. The same account transferred 12,886 tokens worth $42 million at current prices, still leaving significant assets worth $1.27 billion.
The data suggests that ETH whales still control a significant portion of the tokens and are benefiting from the current market rally. Ethereum is up 30% in the past week and at $3,200 the asset’s market cap is almost $400 billion.
Featured image from Pexels, chart from TradingView