TRON founder Justin Sun has reportedly made a significant move with Ethereum (ETH). It comes at a crucial time as the broader cryptocurrency market is struggling after the recent crypto crash. Ethereum, like other digital currencies, is trying to initiate a rebound and recover its recent losses.
As per Spot On Chain, Sun has withdrawn 14,884 ETH from crypto exchange Binance earlier today. This transaction is estimated to be worth around $35.97 million, as per the current ETH price. This is a major Ethereum purchase from the TRON founder as his support will likely inject bullish sentiment in the market.
TRON founder goes bullish on ETH
However, this is not the first time that Sun has bought Ethereum in significant numbers. Adding this latest purchase, he has bought 392,474 ETH in multiple transactions since February. The estimated cost of these purchases is $1.19 billion, but it is currently worth around $995 million following the recent price crash.
This accumulation of Ethereum from Justin Sun is noteworthy. He is one of the most influential personalities in the industry, so his crypto purchase is likely to ignite a broader accumulation trend for ETH. Spot On Chain also revealed that Sun has deposited a net amount of 49 million USDT to the HTX exchange in the past three days. This move is likely indicating more ETH purchases from the TRON founder.
Justin Sun remains long-term ETH holder
On Monday, there was speculation in the market that Sun triggered an Ethereum sell-off and he also got liquidated. However, he debunked those rumors by revealing that he does not believe in leverage trading as these strategies are not beneficial for the industry. He mentioned that he prefers to support the industry.
Moreover, on chain data also supported Justin Sun’s claims as it has been revealed that he never sold his ETH holdings. Moreover, today’s Ethereum purchase is more proof for the community about Sun’s bullish stance on ETH. Consequently, the support of industry leaders like Sun is beneficial for Ethereum and the broader crypto industry.
