Justin Sun, a well-known entrepreneur and the founder of Tron, has recently made another significant move concerning $ETH. As per the popular on-chain analytics provider Spot On Chain, Justin Sun allegedly redeemed up to 14,436 $ETH from the famous crypto exchange Binance. The analytics platform took to its official social media account to provide insights into this development.
9 hours ago, Justin Sun allegedly withdrew 14,436 $ETH (~$45.5M) from #Binance.
3 days ago, he deposited 45M $USDT to the CEX; therefore, this time’s purchasing price was ~$3,117.
Overall, since Feb 8, he might have bought 377,188 $ETH at ~$3.049 via 3 wallets and now has an… https://t.co/wqhjvnXEGB pic.twitter.com/ZNYFSqDSpu
— Spot On Chain (@spotonchain) July 14, 2024
Tron Founder Allegedly Transfers 14,436 $ETH from Binance
Spot On Chain disclosed in its recent X post that the withdrawn amount equalled a worth of nearly $45.5 million. The respective withdrawal reportedly occurred after a deposit of almost $45M USDT to the exchange. This took place 3 days ago, signifying a buying price of approximately $3,117 for each $ETH. The activities of the prominent entrepreneur since the 8th of February highlight his acquisitions.
In this respect, Sun might have obtained 377,188 $ETH coins at $3,049 as an average price via 3 diverse wallets. As a result of this accumulation, the unrealized profit of the entrepreneur exceeded $50 million. This suggests a substantial gain of up to 4.4%. Nonetheless, the crypto market’s volatile nature indicates that these figures have a chance to see a dramatic fluctuation.
Only 12 hours back, Sun reportedly utilized another 5M USDT tokens to buy 1,614 $ETH. The entrepreneur made this purchase at roughly a per-ETH price of $3,097. The overall investment strategy of Sun since the 8th of February expresses a likely acquisition of nearly 362,751 $ETH coins. This acquisition was made by him at a price of almost $1.11 billion. The entrepreneur has executed this via 3 wallets.
The Move Highlights Justin Sun’s Potential for More $ETH Purchases in the Future
The respective wallets have reportedly recorded a pattern of getting $ETH tokens from the crypto exchange just following the stablecoin deposits. The strategy discloses Sun’s huge status and engagement in the Ethereum sector. The recent 45M USDT deposit to Binance signifies Sun’s potential for the next $ ETH purchases. Nevertheless, this strategy takes place with massive risks as the recent market decline evidenced.
In addition to this, when he carried out the withdrawal, the price of $ETH dipped by ten percent. This led to enormous unrealized losses. Sun’s activities since February took into account buying 3611,000 $ETH via 3 particular wallets. Such acquisitions often occurred just after Sun deposited stablecoins to the exchange.
