Last week, Ethereum surged by 29%, reaching $3,200.
Following this increase, Tron founder Justin Sun converted part of his ETH assets into cash. Sun’s move is being closely monitored in the market.
Justin Sun Profits from ETH Sale
Approximately 15 hours ago, Sun transferred 19,000 ETH (valued at around $60.83 million) to the HTX platform. His total profit from these transactions is estimated to be about $69.36 million. According to Spot on Chain data, Sun’s investment began with the purchase of 392,474 ETH from three different wallets between February 8 and August 5, paying an average of $3,027 per ETH and investing a total of $1.19 billion.
Are Passive Ethereum Whales Taking Action?
According to PeckShield Alert data, an Ethereum ICO participant, inactive for three years, reactivated by transferring 1,555 ETH (approximately $5 million). This participant’s total asset value is estimated at around $20.15 million. Additionally, Lookonchain data shows that a whale with 398,891 ETH sold 46,853 ETH for 138.8 million USDC and transferred an additional 12,886 ETH (valued at $42 million) shortly afterward.
Ethereum whales are seizing profit opportunities amidst the price increase. However, these sales do not imply that whales are completely liquidating their significant ETH reserves. Ethereum is currently trading at $3,200 with a weekly increase of 30% and a market capitalization of about $400 billion.
Crypto market analyst Michael van de Poppe suggests that the ETH price may face resistance at $3,200, but he anticipates a strong performance for the Ethereum ecosystem in the coming months. “We expect the ETH ecosystem to perform well in the near future,” Poppe states.
Furthermore, following Donald Trump’s victory, spot Ethereum ETF entries have returned to healthy levels. According to Santiment, the growth in Bitcoin is shifting towards Ethereum, potentially contributing to altcoins reaching new peaks.
Finally, activity on the Ethereum network remains vigorous and is heading towards new highs. Investors continue to monitor Ethereum’s future performance closely.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Justin Sun Liquidates Ethereum Holdings for Cash
