- Justin Sun cashes out 19,000 ETH for $69.36 million in profit amid a strong market rise.
- Ethereum price is rallying 29% as whales including Vitalik Buterin are making significant moves.
In a major move, Tron founder Justin Sun has reportedly started cashing out some of his Ethereum [ETH] investments, fueling speculation within the crypto market.
A few hours ago, Sun deposited 19,000 ETH, worth approximately $60.83 million, on HTX at an ETH price of $3,202.
This transaction has caught the attention of market participants and coincided with a surge in activity among dormant Ethereum whales who have started unloading their assets.
Justin Sun’s winning status
As a result of the recent transactions, Sun’s estimated profit from the ETH offloading is $69.36 million, reflecting a gain of almost 5.69% due to the rise in Ethereum prices.
According to data from SpotonChain, this deposit is part of a much larger acquisition of 392,474 ETH that Sun reportedly purchased between February 8 and August 5 across three separate wallets.
Source: Spot On Chain/X
With an average purchase price of $3,027 per ETH, his total investment in Ethereum is an estimated $1.19 billion.
Despite the sizeable transaction, this recent offload represents only a small portion of his total ETH holdings, suggesting no immediate cause for concern.
This coincided with Ethereum’s price increase of 29% to $3,200 over the past week, and also corresponded with Donald Trump’s victory in the US presidential election.
For an extended period of time, ETH struggled to cross the $2,500 threshold, but recent market shifts have fueled this impressive rally.
Community responds
Investors are eagerly watching how Ethereum will respond, with one X user comment humorously on the situation and say:
“He’ll use it to pump tron memes like $sundog.”
While others said this move would be quite “Bullish” for ETH.
As expected, it is not only Sun who is making important moves: Ethereum co-founder Vitalik Buterin also recently deposited 200 ETH, worth approximately $530,000, on the Kraken exchange.
In addition, two Ethereum whales unloaded a total of 33,701 ETH, worth approximately $89.72 million, leading to a 13.75% increase in Ethereum’s price.
Impact on the price of ETH
Meanwhile, on the price front, Ethereum’s price is down 1.07% over the past 24 hours, trading at $3,161. CoinMarketCap.
Despite this, the RSI remains above the neutral level of 70, currently at 74, indicating strong bullish momentum.
However, when the RSI moves into overbought territory, it often signals a potential reversal, indicating that Ethereum could experience some bearish pressure soon.
Source: trading view
