Justin Sun, founder of the TRON blockchain, may be making another Ethereum (ETH) whale move as Lookonchain data suggests. While crypto whale activities are not unusual in the industry, Sun’s recent transaction activity has suddenly put Ethereum under the spotlight.
Justin Sun’s Ethereum Whale Activity
Analytics platform Lookonchain recently reported that 7,402 ETH, worth about $23.3 million, and 95.67 million worth of USDT left the crypto exchange Binance. While the massive withdrawal was made into a new wallet, the platform noted that the accumulation pattern is similar to that of two other wallets that also withdrew large amounts of ETH and stablecoins from Binance in April.
The mysterious whale wallets have recently been on an accumulation spree for Ethereum and USDT from Binance. Wallet 0x4359, in particular, has accumulated 154,570 ETH worth $492.23 million between April 8 and now.
Although those other two wallets have been linked to Justin Sun, the identity of this new wallet remains unknown.
Interestingly, a few hours after the first withdrawals, Lookonchain observed yet another 6,744 ETH (approximately $22.3 million) withdrawal by the new wallet. That means the new wallet has now removed a total of 14,146 ETH (about $46.74 million) from Binance in less than 24 hours.
Bullish Sentiment?
The recent accumulations by Sun and others like him may be an indicator that bullish sentiment has now returned to Ethereum. That is, as the bulls work tirelessly to push the crypto higher.
As NewsBTC recently reported, investors have been withdrawing large amounts of ETH from centralized exchanges in the past few days. Supporting that claim is an on-chain data that shows that more than 260,000 ETH worth $781 million have been withdrawn from exchanges in the past seven days. Meanwhile, it is worth noting that Ethereum’s price has reacted positively to the accumulation trend. As of press time, Ethereum was seen trading at $3,307, up by 5.47% in the past 24 hours, per CoinMarketCap data. With the massive amount of whale activity, this price rebound is expected to continue into the coming week, ultimately pushing Ethereum into greens on the monthly timeframe.
