Crypto Entrepreneur Justin Sun Accumulates $36M In Ethereum: A Bullish Signal Amid Market Downturn?

Undeterred by the market downtrend, Justin Sun, the founder of the Tron TRX/USD blockchain, accumulated Ethereum ETH/USD worth millions on Monday.

What Happened: According to on-chain tracking platform Spot On Chain, a wallet linked to the entrepreneur withdrew 14,884 Ether from cryptocurrency exchange Binance, worth nearly $36 million at the time of the purchase. Interestingly, Ether has surged 3.8% since the withdrawal.

The latest accumulation brought Sun’s total Ether investments since February to 392,474, bagged at an estimated cost of $1.19 billion and a current market value of $995 million.

Justin Sun (@justinsuntron) withdrew 14,884 $ETH ($35.97M) from #Binance 10 hours ago!

This brought the total amount of $ETH he accumulated since Feb to 392,474 $ETH (est. cost: $1.19B, now worth: $995M).

Note that Justin Sun also deposited a net amount of 49M $USDT to #HTX in… pic.twitter.com/43dHfK4U74

— Spot On Chain (@spotonchain) August 6, 2024

See Also: Peter Schiff Finds Fault With Cynthia Lummis’ Bitcoin Reserve Bill: ‘The Senator’s Plan Is To Create Inflation To Buy King Crypto’

Additionally, Sun deposited $49 million worth of Tether USDT/USD to cryptocurrency exchange HTX in the past three days, indicating the likelihood of further Ether accumulation.

Why It Matters: Sun’s latest accumulation of Ethereum comes after the world’s second-largest cryptocurrency recorded its worst drop in eight months on Sunday, briefly plunging to an intraday low of $2,122. That said, it made a spirited comeback by reclaiming $2,500 on Monday.

Sun’s continued investment in Ethereum comes amid market instability and personal controversy. On Monday, Sun dismissed rumors of liquidation following a significant drop in cryptocurrency prices. The speculation was sparked by a post claiming Sun’s positions had been liquidated.

Sun is one of the largest publicly known cryptocurrency investors, boasting of a portfolio worth more than a billion dollars not too long ago. However, his total wealth plunged to $885 million due to the market drop, data from Arkham Intelligence revealed.

Price Action: At the time of writing, Ether was exchanging hands at $2,508.73, gaining 8.26% in the last 24 hours, according to data from Benzinga Pro.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Image via Ethereum