Ethereum

Million

Spot

<p>Amid the current market volatility, the Ethereum (ETH) price is showing strength and holding steady around $3070 levels. There’s a massive whale activity currently happening around Ethereum, with Tron founder Justin Sun trying to absorb all the selling pressure before the upcoming approval of spot Ethereum ETF, scheduled within the next two weeks.</p>
<h3 id="justin-buys-ethereum-in-huge-quantity">Justin Buys Ethereum in Huge Quantity</h3>
<p>As per on-chain data provider Spot on Chain, <a href="https://coingape.com/tron-justin-sun-ready-to-negotiate-with-german-govt-on-bitcoin-sales/" target="_blank" rel="noopener noreferrer nofollow">Tron founder Justin Sun</a> spent a total of $5 million USDT in order to acquire 1,614 ETH at a price of $3,097 per token.</p>
<p>Sun has been on an Ethereum accumulation spree since the beginning of the year. Spot on Chain reports that since February 8, Justin Sun has reportedly accumulated a total of 362,751 ETH across three different wallets, for an estimated total investment of $1.1 billion, and an average price of $3,047 per ETH.</p>
<p>Along with these purchases, Spot on Chain also noted that Sun recently deposited 45 million USDT to Binance, suggesting the possibility of future Ethereum acquisitions.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">12 hours ago, Justin Sun (<a rel="noopener noreferrer nofollow" href="https://twitter.com/justinsuntron?ref_src=twsrc%5Etfw">@justinsuntron</a>) allegedly spent 5M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDT</a> to buy 1,614 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> at ~$3,097.</p>
 <p>Since Feb 8, Justin Sun might have bought 362,751 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> (est. cost: $1.11B) at ~$3,047 via 3 wallets (more details in previous posts <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;">).</p>
 <p>Note that he also deposited 45M <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDT</a> to… <a rel="noopener noreferrer nofollow" href="https://t.co/xeW1usR3MJ">https://t.co/xeW1usR3MJ</a> <a rel="noopener noreferrer nofollow" href="https://t.co/aJ4zhXFas2">pic.twitter.com/aJ4zhXFas2</a></p>
 <p>— Spot On Chain (@spotonchain) <a rel="noopener noreferrer nofollow" href="https://twitter.com/spotonchain/status/1811228197981454720?ref_src=twsrc%5Etfw">July 11, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Interestingly, the ETH whale accumulation has been happening just ahead of the <a href="https://coingape.com/whale-withdraws-16449-eth-ahead-of-ethereum-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">spot Ether ETF</a> approval, likely to happen before the end of July.</p>
<p>Also Read: <a href="https://coingape.com/justin-sun-confirms-tron-is-building-gas-free-stablecoin-solution/" target="_blank" rel="noopener noreferrer nofollow">Justin Sun Confirms Development Of Gas-Free Stablecoin Solution</a></p>
<h3 id="ethereum-whale-activity-jumps">Ethereum Whale Activity Jumps</h3>
<p>While Justin Sun has been picking up Ethereum from the exchanges, there have also been huge ETH deposits taking place recently. In the last 24 hours, the Golem Project was one of the major depositors of ETH to crypto exchange Binance. However, on-chain data shows that they have reportedly stopped selling ETH, while simultaneously staking a total of 40,000 ETH.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Golem(<a rel="noopener noreferrer nofollow" href="https://twitter.com/golemproject?ref_src=twsrc%5Etfw">@golemproject</a>) appears to have stopped selling <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, and he staked 40,000 <a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($124.6M) 8 hours ago.<a rel="noopener noreferrer nofollow" href="https://t.co/JLwB4bmBtQ">https://t.co/JLwB4bmBtQ</a> <a rel="noopener noreferrer nofollow" href="https://t.co/HzizTZ01YG">pic.twitter.com/HzizTZ01YG</a></p>
 <p>— Lookonchain (@lookonchain) <a rel="noopener noreferrer nofollow" href="https://twitter.com/lookonchain/status/1811228391972168022?ref_src=twsrc%5Etfw">July 11, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Moreover, Elwood Technologies has also deposited 26,811 ETH worth over $84 million to crypto exchange Binance in the last three days. However, some of the Elwood-related addresses also withdrew 24,463 ETH from Binance during the same time.</p>
<p>As of now, the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH price</a> is holding firmly above $3,000 despite this massive whale activity. Technical indicators suggest that the Ethereum bottom could already be in.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en"><a rel="noopener noreferrer nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> – Thought we were gonna bounce at the first support (red line) but that broke. The good news is this support is looking much stronger and that’s a much better response. I’m hoping that was the low of Q3. <a rel="noopener noreferrer nofollow" href="https://t.co/GzitxuQN8i">pic.twitter.com/GzitxuQN8i</a></p>
 <p>— IncomeSharks (@IncomeSharks) <a rel="noopener noreferrer nofollow" href="https://twitter.com/IncomeSharks/status/1811105631404970418?ref_src=twsrc%5Etfw">July 10, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Also Read: <a href="https://coingape.com/ethereum-investors-ready-to-sell-eth-as-it-hits-3-2k/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Investors Are Ready To Sell ETH As It Hits $3.2K</a></p>
<p>The post <a href="https://coingape.com/justin-sun-buys-5-million-in-eth-ethereum-etf-approval/" rel="noopener noreferrer nofollow">Justin Sun Buys $5 Million In ETH Ahead of Ethereum ETF Approval</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Justin Sun Buys $5 Million In ETH Ahead of Ethereum ETF Approval

Table of Contents

Coingape News Media

Other articles published on Jul 11, 2024

Ethio Telecom reports 22% revenue increase, 21% profit growth in the past fiscal year

Latest Crypto Airdrops and Updates

Binance Secures Partial Victory in SEC Lawsuit, Discovery Phase Ends

Joe Biden’s Veto on Crypto Rule Delays House Vote – What’s Next?

CPI Tension in Bitcoin! Wall Strett Announced CPI Expectations!

Judge Critiques Coinbase Gensler Subpoena Effort in SEC Case

Join our free newsletter for daily crypto updates!