Traders, investors, and institutions are continuously accumulating Ethereum amid the potential approval of a spot Ethereum ETF (Exchange Traded Fund). Following this continuous accumulation of Ethereum, its price is continuously increasing. Recently, in the last 32 hours, someone bought a total of 54,721 Ethereum worth $154.4 million, and this significant accumulation gathered everyone’s attention.
Justin Sun’s recent Ethereum purchase
According to an on-chain analytic firm, Lookonchain, a crypto whale bought 54,721 Ethereum worth around $154.4 million from the world’s biggest cryptocurrency exchange, Binance, and DEX. However, according to a Lookonchain post on X (previously Twitter), this whale is supposed to be Justin Sun.
Additionally, a wallet address “TWGHNc” is supposed to be Justin Sun, who deposited over 50 million USDT into Binance. Whereas the same wallet address has withdrawn 500 million worth of USDT from HTX. However, the significant USDT withdrawn from HTX makes Justin Sun a possible suspect.
Whereas, the TWGHNc wallet deposited over 5.41 million USDT to HTX (Justin Sun’s Exchange), and “0x7a95” withdrew 1,100 ETH from HTX on February 8, 2024. It is also observed that this “TWGHNc” wallet is highly consistent with “0x7a95”. These transactions related to this wallet look like links to Justin Sun.
Additionally, TWGHNc deposited 200 million USDT into Binance on February 18, 2024, whereas on the same day, the “0x7a95” wallet withdrew 29,975 Ethereum worth around 84 million and $100 million USDT from Binance. All this data from Lookonchain seems too much of a coincidence. These significant purchases from this wallet are linked to Justin Sun, and this is based on on-chain data.
Why investors are buying Ethereum?
Besides these significant Ethereum purchases, recently on February 13, 2024, Justin Sun withdrew 519 Bitcoin worth around $24 million from Binance. Whereas, Justin Sun since December 2023 to till now has purchased over 1,677 Bitcoins with an average price of $44,741, as reported by Todayq News.
Besides this significant Ethereum withdrawal, recently on February 19, 2024, a whale address bought a significant amount of over 54,721 Ethereum worth around $155 million, with an average of $2,845. This massive Ethereum purchase highlights investors’ interest in Ethereum amid the potential approval of a spot Ethereum ETF.
Currently, Ethereum is trading near $2,920, and in the last 24 hours, it experienced nearly 1% of positive momentum. If we look at Ethereum over a longer period, in the last 7 days, Ethereum’s price has soared by over 10%, whereas in the last 30 days, its price has experienced over 17% upside momentum.
