Tron founder Justin Sun has once again caught the attention of market watchers with a major Ethereum purchase. Recent blockchain analysis suggests Sun may be taking advantage of the current market dip to bolster his ETH holdings.
Tracing the Transactions: A New Wallet’s Activity
According to data shared by Ember CN, a new wallet address suspected to belong to Justin Sun has made a substantial Ethereum purchase.
孙哥开始抄底了吗？
疑似属于孙哥 Justin Sun 的新地址在过去 3 小时使用 3700 万 USDT 买进 16,236 枚 ETH，均价 $2,279。这个地址在 3 小时前创建并从 HTX 提出 3800 万 USDT。随后在链上花费 3700 万 USDT 买进 16,236 枚 ETH，均价 $2,279。
这个地址很可能属于孙哥，理由：
1⃣孙哥过去 2… pic.twitter.com/ufn5tkABCO— 余烬 (@EmberCN) August 5, 2024
The address, created just hours ago, withdrew 38 million USDT from the HTX exchange and proceeded to buy 16,236 ETH at an average price of $2,279, using 37 million USDT.
Several factors point to Sun’s ownership of this wallet. Sun has transferred 210 million USDT into HTX over the past two days.
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The large USDT withdrawal from HTX matches Sun’s known patterns. The buying behavior aligns with other addresses associated with Sun’s ETH purchases.
This recent activity adds to Sun’s already large Ethereum accumulation. Data from Spot On Chain indicates that since February 8, 2024, addresses linked to Sun have accumulated 377,590 ETH at an average buying price of $3,051, totaling approximately $1.15 billion.
Responding to market speculation, Sun has denied rumors about his positions being liquidated. He stated that he rarely engages in leveraged trading strategies.
The rumors about our positions being liquidated are false. We rarely engage in leveraged trading strategies because we believe such trades do not significantly benefit the industry. Instead, we prefer to engage in activities that provide greater support to the industry and…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 5, 2024
The accumulation rumors come amid the recent market slump, which saw Ethereum hit as low as $2,100. The global crypto market cap also dropped below the $1.8 trillion level.
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Also Read: Bitcoin Reacts to Global Market Crash, BTC Blips Under $50k
