In a significant development, the founder of Tron, Justin Sun, has reportedly initiated the process of divesting a portion of his Ethereum [ETH] investment, sparking discussions within the cryptocurrency market.
Justin Sun recently transferred 19,000 ETH, valued at around $60.83 million, to HTX at an ETH price of $3,202.
This transfer has attracted the interest of market participants, coinciding with an uptick in activity among inactive Ethereum whales who have commenced unloading their assets.
Justin Sun’s Profits Overview
Following the recent transactions, Sun’s estimated gains from the ETH liquidation stand at $69.36 million, marking an increase of almost 5.69% due to the surge in Ethereum’s value.
Based on data from SpotonChain, this deposit is part of a larger acquisition of 392,474 ETH that Sun reportedly acquired between February 8th and August 5th across three distinct wallets.
Having an average purchase price of $3,027 per ETH, his total Ethereum investment is estimated to be around $1.19 billion.
Despite the substantial transaction, this recent disinvestment represents only a small portion of his entire ETH holdings, indicating no immediate cause for alarm.
This activity coincided with a 29% rise in Ethereum’s value in the past week, breaching $3,200, and aligning with Donald Trump’s win in the U.S. presidential election.
ETH had long struggled to break the $2,500 mark, but recent market dynamics have fueled this notable upsurge.
Community Response
Investors are closely monitoring Ethereum’s reaction, with one X user humorously commenting on the situation, saying,
“He will utilize it to promote tron meme like $sundog.”
Others opined that this action could be very “Bullish” for ETH.
As anticipated, Sun is not the only one making significant moves—Ethereum co-founder Vitalik Buterin also recently transferred 200 ETH, valued at approximately $530,000, to the Kraken exchange.
In addition, two Ethereum whales offloaded a combined total of 33,701 ETH, worth roughly $89.72 million, leading to a 13.75% surge in Ethereum’s price.
Effect on ETH’s Value
Meanwhile, Ethereum’s price has seen a 1.07% decrease in the last 24 hours, trading at $3,161 as per CoinMarketCap.
Despite this drop, the RSI remains above the neutral level of 70, presently sitting at 74, indicating a strong bullish momentum.
However, an RSI entry into the overbought zone often hints at a likely reversal, implying that Ethereum could face some bearish pressure soon.