Justin Sun, the founder of Tron, executed a transfer of 29,920 ETH valued at $119.7 million to HTX following Ethereum’s impressive surge past the $4,000 mark. The transaction has sparked discussions regarding Sun’s strategy—whether he’s cashing out or setting the stage for additional profits.
Justin Sun acquired 392,474 ETH for $1.19 billion at an average price of $3,027 between February and August. Fast forward to December, he appears to be booking profit. He recently deposited 20,000 ETH valued at $76.3 million to HTX, precisely on December 5. The transaction happened just as ETH crossed $3,800.
Later on December 8, Sun also deposited 29,920 ETH worth $119.7 million to HTX, as per Spot On Chain, following the ETH price surpassing $4,000. With Ether’s crossing the $4,000 price mark, it’s estimated that Justin Sun has generated a profit of $366 million, exclusive of staking rewards and airdrops.
The Tron founder also transferred 41,630 ETH ($145.9 million) to centralized exchanges since early November, with 39,000 ETH being sent to HTX and 2,630 ETH being sent to Poloniex at an average price of $3,505.
In addition, Sun deposited staking rewards to HTX, which included 322,119 EIGEN tokens valued at $1.44 million and 175,021 ETHFI tokens valued at $516,000. This move shows that his plan for making money with Ethereum during the bull run was sound.
Ethereum’s recent trading activity
Despite the sell-offs, Ethereum has made incredible steps, advancing toward the psychological $4K resistance zone. This price level is a significant area of selling pressure and is in alignment with Ethereum’s yearly high.
The rejection at this line has recently resulted in a slight decline, indicating that buyers are finding it challenging to overcome the resistance.
Although the price has encountered some resistance, it is probable that ETH purchasers will make another attempt to surpass $4K. Even so, a period of sideways movement is anticipated before that as the market absorbs the most recent gains.
ETH’s market structure is positive, as it consistently results in higher highs and higher lows. However, a breach of the channel’s lower trendline could suggest a decline in bullish momentum, potentially leading to a mid-term pullback toward the $3.5K support level.
This week, the price of Ethereum (ETH) reached $4,017, representing a 6.9% weekly increase and a 27.8% monthly increase. The favorable sentiment remains strong despite the fact that the price of ETH has decreased by 4.6% in the past 24 hours to $3,814.
Ethereum ETFs also recorded $837 million in net inflows last week, setting a new record. According to analysts, the momentum is partially attributed to the substantial market support provided by robust ETF inflows.
Altcoins verses Bitcoin
Although several altcoins experienced substantial gains over the weekend, the majority are currently experiencing a decline. XRP is one of the worst performers, having lost over 6% of its value and plummeted to a level well below $2.4. Similar losses have been observed in DOGE, TRX, SHIB, and XLM.
DOT has experienced an even greater decline, as have CRO, VET, FIL, and FET. On the other hand, Avalanche and Ethereum have experienced a 2% decrease, while SOL and BNB have experienced a 4% decline.
Since yesterday, the cumulative market capitalization of all crypto assets has decreased by approximately $100 billion, reaching $3.750 trillion.
On Friday, Bitcoin reached a peak of $102,000, and by Sunday evening, it had fallen to $101,300. But rejections doomed both efforts, sending the value spiraling downward. Following a little daily drop, bitcoin is currently trading at around $98k.
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