Spot Ethereum ETFs FOMO: Tron Founder Justin Sun Drops $5 Million On ETH
July 12 2024 - 6:30AM
NEWSBTC
Justin Sun, the founder of Tron, a decentralized blockchain-based
operating system, has found himself joining the Spot Ethereum ETFs
FOMO with a new $5 million investment in Ethereum (ETH), the
world’s second-largest cryptocurrency. Tron Founder Buys $5
Million Worth Of ETH In an X (formerly Twitter) post on July 11,
Spot On Chain, an AI-driven on-chain analytics platform, uncovered
a new Ethereum transaction allegedly executed by Sun. According to
the analytics platform, the Tron founder had supposedly spent $5
million to buy 1,614 ETH tokens at an approximate price of $3,097
per ETH. Related Reading: Forbes Says Shiba Inu Price Will
Rise 1,700% To Reach $0.0003 ATH, Here’s When Spot On Chain
revealed that since February 8, 2024, Sun has purportedly purchased
a total of 362,751 ETH tokens at an estimated cost of more than
$1.11 billion, with an average price of $3,047 per ETH. This
massive ETH transaction was executed via three crypto wallet
addresses. Additionally, the analytics platform noted that
the Tron founder recently deposited 45 million USDT to Binance, a
major crypto exchange, suggesting the possibility of new intentions
to buy more Ethereum soon. The crypto founder has often received
ETH coins from Binance right after depositing his stablecoin into
the exchange. Interestingly, Sun’s newest ETH purchase comes
as the FOMO surrounding Spot Ethereum ETFs is growing stronger in
the crypto market. Previously in June, Gary Gensler, the Chair of
the United States Securities and Exchange Commission (SEC)
announced that Spot Ethereum ETF trading will officially launch in
the summer. As a result, the broader crypto market has been looking
forward to the debut of a digital asset that could potentially
trigger a major rally for ETH. Before his $5 million ETH purchase,
Sun had supposedly recorded a major loss after Ethereum declined by
10% on July 7. Spot On Chain disclosed that the Tron founder may
have lost $66 million in the volatile market, erasing the initial
$58 million profit he had gained just a day
earlier. Ethereum Whales Enter Accumulation Phase
Despite the recent declines experienced by Ethereum, the FOMO and
excitement surrounding Spot Ethereum ETFs may have triggered a
change in market sentiment and investors’ demand for the
cryptocurrency. According to prominent crypto analyst, Ali
Martinez, Ethereum whales are back to accumulating ETH. The
analyst disclosed that the cryptocurrency had witnessed a brief
distribution period, potentially triggered by Ethereum’s low market
performance and subsequent drop to $3,055 as of writing. In
addition to ETH, Bitcoin (BTC) has also declined significantly,
plummeting by more than 14% over the past month. Related
Reading: Cardano Sees 1,218% Spike In This Major Metric, Will ADA
Price Follow? While whales show renewed interest in Ethereum,
crypto analysts predict further price declines in the
cryptocurrency following the launch of Spot Ethereum ETFs. However,
as demand for Ethereum ETFs rises and market conditions stabilize,
ETH could see its price potentially rising as high as $8,000 this
market cycle. Featured image created with Dall.E, chart from
Tradingview.com
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