Crypto Community Stunned by Justin Sun’s $35 Million Ethereum Transaction

TRON founder Justin Sun has reportedly executed a substantial transaction involving Ethereum (ETH) amid the ongoing struggles of the wider cryptocurrency market following a recent crash. Ethereum, along with other digital assets, is striving to initiate a recovery to offset its recent setbacks.

According to Spot On Chain, Sun has withdrawn 14,884 ETH from the crypto exchange Binance, valued at approximately $35.97 million based on the current ETH price. This significant purchase of Ethereum by the TRON founder is anticipated to instill a bullish sentiment in the market.

This recent move by Sun is part of a series of Ethereum acquisitions, with this latest purchase bringing his total ETH acquisitions to 392,474 since February. The total cost of these acquisitions amounts to $1.19 billion, although the current valuation stands at around $995 million post the recent price decline.

The accumulation of Ethereum by Justin Sun holds significance due to his influential status within the industry, potentially sparking a broader trend of ETH accumulation. Spot On Chain also disclosed that Sun has deposited a net sum of 49 million USDT to the HTX exchange over the past three days, hinting at further ETH purchases by the TRON founder.

Addressing speculations circulating on Monday, Sun refuted claims that he triggered an Ethereum sell-off and faced liquidation. He clarified his stance on leverage trading, expressing a lack of belief in its benefits for the industry, emphasizing his preference to support the sector.

On-chain data corroborates Sun’s statements, confirming that he has retained his ETH holdings without engaging in any sell-offs. Sun’s recent Ethereum purchase serves as additional evidence of his optimistic outlook on ETH, underscoring the positive impact of industry leaders like Sun on Ethereum and the broader cryptocurrency landscape.