Justin Sun is just one of many whales accumulating Ether ahead of the potential Ethereum spot ETF approval in the coming days.
With the Ethereum exchange-traded funds (ETFs) set to enter the United States market later this month, investors are bagging the digital asset in preparation for the launch. According to reports, Tron co-founder Justin Sun has purchased an additional 1,614 Ether (ETH) worth approximately $5 million. The digital assets were acquired at the market price of $3,097 using the USDT stablecoin.
Sun’s Accumulation of Ether
Sun has been quietly accumulating Ether since February 2024 and currently owns a total of 362,751 of the second-largest digital asset after Bitcoin (BTC) at an average price of $3,047.
Data from Spot On Chain, a blockchain company that leverages artificial intelligence (AI) to provide market insights, shows that the Ether holdings are stored in three different crypto wallets. Each of the wallets receives the assets from Binance.
Earlier this year, Sun deposited around $21 million on Binance in June. According to reports, the funds were later spent on Ether purchases. Most recently, the Chinese-born Grenadian entrepreneur also deposited another $45 million worth of USDT to Binance. The funds are also speculated to be used for other Ether purchases in the future.
On July 5, Sun incurred a paper loss of $66 million after the bears hit Ether with a 10% decline. The Tron boss would have generated a profit of $58 million 24 hours before the drop.
Whales Accumulating Ether Ahead of ETF Approval
Meanwhile, Justin Sun is just one of many whales accumulating Ether ahead of the potential Ethereum spot ETF approval in the coming days.
Over the past 24 hours, several crypto exchanges like Binance have processed huge volumes of Ether transactions. Lookonchain, a blockchain data tracker, uncovered that the Golem Project, a decentralized computational resources platform, transferred $9.3 million worth of Ethereum to Binance, Coinbase, and Bitfinex.
Additionally, the crypto tracker found that the Golem Project had previously moved 40,000 Ether, estimated to be worth around $124.6 million, to a different address simply identified as “0x159a.”
Furthermore, the firm recently staked 30,399 Ether to earn additional rewards.
A few days ago, Lookonchain found that Elwood Technologies, a UK-based financial institution focused on crypto, has moved a huge volume of Ether to Binance. The company sent a total of 26,811 Ether worth approximately $84 million to the exchange.
However, shortly after the transfer, the company reportedly withdrew about 24,000 Ether from Binance on the same day.
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