Justin Sun Bought Ethereum Worth Tens of Millions During Market Dip

In the midst of a major downturn in the cryptocurrency market, industry leaders are taking advantage of falling prices by buying up Ethereum.

Justin Sun, founder of Tron, has significantly increased his Ethereum holdings, purchasing nearly 15,000 ETH in a recent transaction.

Blockchain analytics firm Spot On Chain reports that Sun invested around $36 million in Ethereum through Binance, bringing his total ETH holdings to approximately 392,474. Although the value of his Ethereum holdings has dropped below $1 billion due to recent price corrections, Sun remains committed to his strategy.

Justin Sun (@justinsuntron) withdrew 14,884 $ETH ($35.97M) from #Binance 10 hours ago!

This brought the total amount of $ETH he accumulated since Feb to 392,474 $ETH (est. cost: $1.19B, now worth: $995M).

Note that Justin Sun also deposited a net amount of 49M $USDT to #HTX in… pic.twitter.com/43dHfK4U74

— Spot On Chain (@spotonchain) August 6, 2024

Despite speculation about liquidated leveraged positions when Ethereum fell below $2,000, Sun has clarified that his team does not use leveraged trades.

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As Ethereum’s price rebounds to over $2,500, institutional interest remains strong. Data from Farside Investors shows that Ethereum ETFs saw $48.8 million in net inflows on Monday, with BlackRock’s Ethereum ETF leading with $47.1 million in new investments. This indicates that major investors are still confident in Ethereum’s long-term prospects despite recent volatility.

Alexander Stefanov