Blockchain sleuth @lookonchain has reported that a wallet possibly belonging to Justin Sun, the founder of Tron blockchain, made substantial purchases of Ethereum within a short timeframe. These purchases, totaling over $300 million worth of ETH, have raised eyebrows in the cryptocurrency community.
Additionally, Ethereum briefly surpassed the $3,000 mark, driven by anticipation of spot Ethereum ETF approval. This article provides an overview of Justin Sun’s Ethereum purchases, the Ethereum price surge, and the potential impact of Ethereum ETF approval.
Justin Sun’s Ethereum Accumulation:
Within just 30 minutes, Justin Sun’s suspected wallet withdrew 12,702 ETH from Binance, worth approximately $40 million. This followed a previous purchase of 10,136 ETH from the same exchange. In less than ten days, Sun’s wallet accumulated a staggering 104,055 ETH, valued at around $300 million. These substantial purchases have attracted attention and speculation within the cryptocurrency community.
Whale Investors and Ethereum Purchases:
Justin Sun is not the only prominent investor acquiring Ethereum recently. An anonymous whale made a significant investment of 58,134 ETH in the past three days using Binance and 1inch exchanges. This influx of institutional investment signals growing interest in Ethereum as a valuable asset.
Ethereum Price Surge:
Ethereum experienced a brief surge, surpassing the $3,000 level, which was anticipated by many in the cryptocurrency space. The price increase of 4.24% was driven by expectations of spot Ethereum ETF approval. However, Ethereum failed to sustain this peak and retraced 2.05%, settling at around $2,978 at the time of writing.
Spot Ethereum ETF Approval Outlook:
The surge in Ethereum price was fueled by market expectations of spot Ethereum ETFs being approved soon. Standard Chartered banking giant predicted that the U.S. Securities and Exchange Commission (SEC) would grant approval for these exchange-traded products by May 23. If approved, Ethereum could potentially reach the $4,000 price mark, driven by increased demand from potential Ethereum ETF issuers like Grayscale and BlackRock, both of which have already launched spot-based Bitcoin ETFs.
Conclusion:
Justin Sun’s significant Ethereum purchases, along with the surge in Ethereum’s price, have captured the attention of the cryptocurrency community. The anticipation of spot Ethereum ETF approval has further fueled optimism, with expectations of Ethereum reaching $4,000. As the market continues to evolve, investors and enthusiasts will closely monitor these developments and their potential impact on the future of Ethereum.