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.
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.
Memecoins continue to dominate the crypto market with their gains, being the best performers not only in the past 24 hours, but last week as well.
A notable cryptocurrency foundation has made headlines after liquidating a significant amount of Ethereum.
Elon Musk’s attendance at a Donald Trump rally on October 5 in Butler, Pennsylvania, caused significant market moves in one of the meme coins.
Well-known crypto analyst “Credible Crypto” seems bullish on Solana (SOL), while sharing views on XRP and Curve DAO (CRV).