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After the Ethereum price registered a strong 29% gain moving to $3,200 over the past week, Tron founder Justin Sun cashing out part of his ETH investment. Reportedly, dormant ETH whales have also turned active by offloading their holdings. Investors are waiting on the edge to see how the largest altcoin react to these developments.
Tron Founder Justin Sun Offloads ETH
While capitalizing on last week’s Ethereum price rally, the Tron founder has been cashing in strong profits. About 15 hours ago, Sun deposited 19,000 ETH (valued at approximately $60.83 million) to HTX at an ETH price of $3,202.
As a result, his estimated total profits from these transactions stand at $69.36 million, gaining nearly 5.69% following the recent Ethereum price surge. As per data from Spot on Chain, this deposit by Justin Sun is part of a larger 392,474 ETH that he allegedly acquired between February 8 and August 5 across three wallets, reported SpotonChain.
His average purchase value for ETH is $3,027 with an estimated total investment of $1.19 billion. Thus, the recent offloading is quite minuscule in comparison to Sun’s total holdings in ETH, and hence not a sign of greater worry.
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
Furthermore, as per data from PeckShield Alert, an early Ethereum ICO participant has reactivated their holdings after nearly three years of inactivity, transferring 1,555 ETH, worth around $5 million, into crypto exchange Coinbase.
This wallet holder originally received 6,292 ETH during Ethereum’s initial coin offering (ICO) for an investment of just $1,951. The participant’s total holdings now amount to around $20.15 million, reflecting a substantial increase since the ICO.
Dormant Ethereum Whales Are Offloading?
Data from Lookonchain shows that the Ethereum whale holding 398,891 ETH (worth $1.28 billion) has sold 46,853 ETH for $138.8 million USDC at a price of $2,920 since November 7. In the last few hours, the same whale moved an additional 12,886 ETH, worth $42 million to exchanges. Thus, the whale still holds 352,036 ETH, valued at $1.27 billion.
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
This shows that while the Ethereum whales continue to hold a large chunk of their holdings, they are still eyeing some profit opportunities amid the current rally.
With a 30% gain over the past week, the Ethereum price is currently trading close to $3,200 with its market cap just short of $400 billion. There have been growing calls for the new ETH all-time high levels, however, it’s still a 60% surge from here for the altcoin to see fresh highs.
Crypto market analyst Michael van de Poppe stated that the ETH price could experience some resistance around the $3,200 area before seeing further action ahead. However, he expects the Ethereum ecosystem to outperform in the coming months.
In a timespan of a week, $ETH has closed the gap to $3,200.
Expecting that we'll have some resistance around this area, but continue to move afterwards.$ETH ecosystem to heavily outperform in the coming period. pic.twitter.com/k94qX9nQCY
— Michaël van de Poppe (@CryptoMichNL) November 10, 2024
On the other hand, the spot Ethereum ETF inflows turned healthy once again following the Donald Trump victory.
Blockchain analytics platform Santiment reported: “Expect any growth from Bitcoin, during this bull run, to see profits redistribute into Ethereum and potentially push it toward its own all-time high while its network activity looks very healthy”.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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