Since Ethereum broke $4,000 last December 7, one notable crypto person placed a sell order worth $119.7 million.
According to on-chain data, Tron’s Justin Sun completed the transfer of 29,920 ETH to HTX as Ethereum continued its impressive performance over the past three days.
Ethereum’s price last touched the $4k mark last March, and the current price action comes at a time of growing demand for Ethereum ETFs. CoinGlass data shows that Ether ETFs enjoyed their biggest daily inflow of around $428 million on December 5th.
Justin’s decision to dump more than $119 million in ETH has raised healthy questions and debates about the Tron founder’s current strategy. Are you cashing out or restructuring the system to make more profit?
After briefly flirting with the $4k level, ETH quickly corrected, and is now trading at $3,700 to $3,800 levels as of this writing.
Justin Sun Locks in a Profit?
Justin Sun bought 392,474 ETH worth $1.19 billion, with an average market value of $3,027 from February to August. The founder of Tron locks in a profit based on Justin’s recent market decision.
The crypto entrepreneur also added 20,000 ETH to HTX last December 5. This transaction, valued at $76.3 million, was the second largest for a crypto to exceed $3,800.
Then, on December 8th, Sun added 29,920 Ether, worth $119.7 million, to HTX after the stock price broke $4k. According to Spot On Chain, Sun’s transactions netted him a profit of $366 million, excluding income from airdrops and staking.
The Sun Continues to Buy and Transfer ETH Tokens
Since the beginning of November, Sun has moved 41,630 ETH, worth $145.9 million, to several middlemen. From this batch, 39,000 tokens were transferred to HTX and 2,630 tokens to Poloniex with an average market value of $3,505.
Interestingly, the Tron founder also added huge rewards to HTX, including 322,119 EIGEN coins with a market value of $1.44 million and another 175,021 ETHFI tokens amounting to $516,000.
Ether Shows Strong Growth
Ethereum’s recent price surge, which allowed it to reach $4k, started briefly last November. For a long time, Ethereum has looked at this price level as its resistance point. On-chain data and charts suggest that this price level is under significant selling pressure, so Ether’s failure to hold the price this week is understandable.
Although the market has rejected the price, many analysts suggest that the bulls among buyers will probably make another run to break the resistance level. With this latest rejection, the market is advised to be aware of sideways price movements. Nevertheless, Ethereum has a good market structure, and if it breaks the lower trendline of the channel, it is possible to revisit the level of $ 3.5k.
Justin Sun’s sale of 119 million Ethereum has sparked a debate about whether it indicates profit-taking or caution during Ethereum’s $4,000 rally. Although Sun has made significant gains, his continued focus on transfers suggests a more complex strategy than a simple exit. As Ethereum maintains strong fundamentals, investors will be watching closely to see if this selloff is a trend or an isolated move.
Featured image from Screen Rant, chart from TradingView
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