Justin Sun, the founder of the Tron (CRYPTO: TRX) blockchain, was seen doubling down on his Ethereum (CRYPTO: ETH) investments as the world's second-largest cryptocurrency dipped lower.
What Happened: A wallet allegedly linked to the entrepreneur withdrew 4,629 Ether from cryptocurrency exchange Binance Sunday, according to Spot On Chain. At the time of the purchase, the stash was worth more than $16 million.
Wallet 0xdbf (likely #JustinSun) withdrew another 4,629 $ETH ($16.07M) from #Binance at $3,472 ~8hrs ago.
— Spot On Chain (@spotonchain) June 24, 2024
Overall, in the past 3 days, this wallet has withdrawn 13,967 $ETH ($48.8M) from Binance at an avg price of $3,494.
Follow @spotonchain and set alerts for the wallet now:... pic.twitter.com/eTbffY7b0H
With the latest grab, the total amount withdrawn by the wallet in the last three days increased to 13,967, worth $48.8 million at an average purchase price of $3,494.
Note that Ethereum dropped more than 4% in the last 24 hours, and nearly 7% over the week. Typically, such dips present an opportunity for long-term bulls to grab coins at a discount, believing in their impending recovery.
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Why It Matters: Justin Sun is one of the largest publicly known cryptocurrency investors, with a portfolio worth more than a billion dollars, according to data from Arkham Intelligence.
Some of his biggest holdings are in TRX, Bitcoin (CRYPTO: BTC), and stablecoin USDD.
His bullish pivot towards Ether might be rooted in the upcoming listing of spot ETFs, which is predicted to be early next week, according to analysts.
The accumulation might have also accelerated following the closure of the SEC's investigation into Ethereum's security question, a major regulatory win for the cryptocurrency.
Price Action: At the time of writing, Ether was exchanging hands at $3,366.14, slipping 4.12% in the last 24 hours, according to data from Benzinga Pro.
Photo by Tomasz Makowski on Shutterstock