Justin Sun Purchases $45 Million Worth of Ethereum from Binance: What Are His Intentions?

Justin Sun, the creator of Tron [TRX], has reportedly engaged in another significant transaction involving Ethereum [ETH]. According to Spot On Chain, Sun purportedly redeemed 14,436 ETH from Binance [BNB].

The transaction entailed the withdrawal of 14,436 ETH, valued at around $45.51 million, from Binance by the wallet address 0x43594da5d6a03b2137a04df5685805c676def7cb, believed to be associated with Justin Sun. The specific transaction ID for this withdrawal is 0x49856fe8819766a4788d92430bdb2281a1903d43d5cc920633c08753441884bf.

This withdrawal occurred approximately 22 hours ago, subsequent to a deposit of 45 million USDT to Binance three days earlier, resulting in a purchase price of about $3,117 per ETH.

Justin Sun has a track record of acquiring ETH, having potentially obtained 377,188 ETH since February 8th at an average price of $3,049. These transactions were carried out using three distinct wallets. The purchases comprised 169,604 ETH in February at an average price of $2,870, 192,168 ETH in April and July at an average price of $3,175, and 15,416 ETH in June at an average price of $3,474.

These acquisitions have led to an unrealized profit for Justin Sun, exceeding $50 million currently, reflecting a gain of approximately 4.4%.

Following Sun’s recent withdrawal, the price of ETH experienced a decline of around 10%, resulting in substantial unrealized losses. Nevertheless, Sun has persisted in making notable acquisitions. The co-founder of Tron reportedly utilized an additional 5 million USDT to purchase 1,614 ETH at approximately $3,097 per ETH.

His strategy typically involves depositing stablecoins to exchanges before acquiring ETH, underscoring his sustained interest and involvement in the Ethereum market.

As of the latest data available, ETH was trading at $3,353.33, with a 24-hour trading volume of $12,181,635,567, according to Coingecko. This represented a 4.89% price increase in the past 24 hours and a 15.47% increase over the previous seven days.