Justin Sun Eyes 53K ETH Buy

Justin Sun, founder of Tron, has reignited speculation in the cryptocurrency market with his recent plan to acquire approximately 53,000 ETH. The move comes at a critical moment, as Ethereum flirts with the $4,000 mark, experiencing a 2% surge in the last 24 hours.

Notably, Sun’s planned accumulation follows a recent sell-off of 29,920 ETH (worth $119.7 million) to HTX Exchange last week after ETH briefly touched $4,000. This sequence of events has raised concerns among investors about Sun’s strategy and its potential impact on Ethereum’s price trajectory.

Spot On Chain: Sun Withdraws 52,905 ETH

Leading on-chain analytics platform Spot On Chain revealed that Sun applied to withdraw 52,905 ETH (valued at $209 million) from Lido Finance. The report also highlighted that Sun allegedly accumulated a total of 392,474 ETH for approximately $1.19 billion across three wallets between February and August.

Currently, Sun’s ETH holdings reflect an estimated profit of $349 million, representing a 29% ROI.

Will Justin Sun’s Strategy Impact ETH’s Price?

At the time of writing, Ethereum was trading at $3,961, with a 2% increase in the past 24 hours. ETH also recorded a 27% monthly gain and briefly touched a 24-hour high of $4,020. Additionally, ETH’s one-day trading volume soared 11% to $30.5 billion, reflecting heightened activity.

Further data from CoinGlass showed that ETH Futures Open Interest surged 5%, indicating strong market confidence in the asset.

However, Sun’s recent sell-off and his subsequent plans to acquire more ETH have divided opinions among market experts. Concerns have emerged that if Sun resumes selling large amounts of Ethereum, it could create downward pressure on ETH’s price in the short term.

Whales and Market Optimism Support ETH

Despite the uncertainties surrounding Sun’s moves, other Ethereum market trends remain optimistic:

1. Whale Accumulation: Prominent crypto analyst Ali Martinez noted that ETH whales have been actively accumulating since Ethereum broke past the $3,300 level, signaling long-term bullish sentiment.
2. Price Projections: Recent analyses suggest that ETH could target the $15,000 mark in the near future, further fueling positive market sentiment.

Justin Sun’s plan to acquire 53,000 ETH has stirred speculation regarding his market strategy and its impact on Ethereum’s price. While Sun’s recent sell-offs have raised concerns, the broader market outlook remains optimistic, driven by whale activity and strong technical indicators. As Ethereum hovers near the $4,000 threshold, all eyes are on whether Sun’s next moves will stabilize or disrupt ETH’s bullish momentum.