- Justin Sun cashes out 19,000 ETH, making $69.36 million in profits amid market surge.
- Ethereum price sees a 29% rally, while whales, including Vitalik Buterin, make significant moves.
As a seasoned analyst with over two decades of experience in the financial markets, I find myself intrigued by the latest developments within the cryptocurrency realm. The recent move by Justin Sun to cash out 19,000 ETH for a profit of $69.36 million is indeed noteworthy, particularly given the context of Ethereum’s price surge and the activity among other large Ethereum holders.
It’s been announced that Justin Sun, creator of Tron, seems to be selling some of his Ethereum holdings. This action has sparked discussions and curiosity in the cryptocurrency community.
Just hours ago, Sun deposited 19,000 ETH, worth approximately $60.83 million, to HTX at an ETH price of $3,202.
As a researcher, I’ve noticed an intriguing development in the market: a significant transaction that seems to have piqued the interest of various participants. Interestingly, this event appears to align with a surge in activity among Ethereum whales who had previously been inactive. Now, these dormant whales are offloading their holdings, adding an extra layer of intrigue to the situation.
Justin Sun’s profit status
Due to the latest trades, it’s projected that Sun made approximately $69.36 million by selling ETH. This represents an increase of around 5.69%, thanks to the rise in Ethereum values.
As reported by SpotonChain, this deposit is one piece of a significantly larger purchase made by Sun, which includes approximately 392,474 Ether. This substantial acquisition was allegedly made over the period from 8th February to 5th August, and was spread across three distinct wallets.
With an average purchase price of $3,027 per ETH, his total investment in Ethereum stands at an estimated $1.19 billion.
Regarding the large sale he just made, it’s important to note that it amounts to merely a tiny piece of his overall Ethereum assets. This implies there’s currently no reason to worry about any immediate issues.
During this period, Ethereum’s value increased by approximately 29% within a week, peaking at $3,200, and this upward trend coincided with Donald Trump’s win in the U.S. presidential election.
Over a prolonged span, Ethereum found it difficult to exceed the $2,500 mark, yet recent changes in the market have fueled this remarkable upsurge.
Community reacts
Interested parties closely observe how Ethereum may respond in this scenario, as one user jokingly comments on the situation.
“He will use it to pump tron meme like $sundog.”
While others said that this move would be quite “Bullish” for ETH.
Indeed, as anticipated, it’s not only the Sun that’s taking substantial steps – Ethereum co-creator Vitalik Buterin has lately transferred 200 Ether, equivalent to around $530,000, into the Kraken digital asset platform.
Additionally, two significant Ethereum investors sold a combined 33,701 ETH, valued at approximately $89.72 million. This sale caused a 13.75% increase in the price of Ethereum.
Impact on ETH’s price
Currently, Ethereum’s price has decreased by 1.07% over the last day, and is now being traded at approximately $3,161, as reported by CoinMarketCap.
Regardless, the Relative Strength Index (RSI) is presently over the nonpartisan 70 mark, sitting at 74, which suggests robust bullish energy in the market.
When the Relative Strength Index (RSI) moves into the overbought region, it frequently indicates a possible price reversal, hinting that Ethereum could encounter some downward pressure in the near future.
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2024-11-12 08:41