Tron (TRX) founder Justin Sun along with an unknown crypto whale have accumulated massive amounts of Ethereum (ETH) in the last two weeks, on-chain data shows.
Blockchain tracking firm Lookonchain reports that Sun and a fellow deep-pocketed entity have acquired over $182 million worth of Ethereum since December 26th.
First, Lookonchain notes a wallet beginning with 0x9314 that has purchased a total of $143 million in ETH since New Year’s Day from a decentralized exchange (DEX).
“Whales are accumulating ETH!
Whale ‘0x9314’ spent $48 million to buy 21,192 ETH at $2,265 from the DEX… and has bought 79,980 ETH ($143 million) since Jan 1.”
Additionally, the firm spotted Sun withdrawing a total of $39.2 million worth of ETH from Binance since December 26th, presumably to custody in cold storage for the time being.
“Justin Sun withdrew 11,267 ETH ($25.3 million) from Binance… and 17,433 ETH ($39.2 million) from Binance since Dec 26.”
Source: Lookonchain/X
On the other hand, Lookonchain has also tracked crypto-focused venture capital firm Paradigm sending large amounts of ETH to top US crypto exchange Coinbase, where it could be potentially sold off on the open market.
According to Lookonchain, Paradigm is a master of accumulating ETH when prices are cheap and selling during rallies.
“It seems that Paradigm deposited 6,500 ETH($14.67 million) into Coinbase…
Paradigm is very smart, accumulating ETH in bear markets and selling ETH in bull markets.”
Source: Lookonchain/X
At time of writing, ETH is trading at $2,248.
Generated Image: Midjourney
