- Justin Sun has planned to purchase 53,000 Ethereum, following his recent ETH sale at $4,000 which attracted market attention.
- This comes amid a 1.80% price rise of ETH in the last week even after Sun’s sell-off showing market optimism.
- Ethereum whales are still buying more ETH, including Sun, with analysts predicting more gains as long as ETH is trading above $3,300.
Justin Sun, has generated attention in the crypto space with his proposal for buying as much as 53,000 Ethereum. This comes as Ethereum remains stable at around $4,000 after having climbed by 2.53% in the last day. The announcement has elicited mixed reactions especially in the recent past when Sun sold ETH, some people are wondering whether Sun’s acquisition of ETH will affect its price.
Justin Sun’s Ethereum Investment
Blockchain intelligence firm Spot On Chain reported that Justin Sun has initiated the withdrawal of 52,905 ETH from the Lido staking service. Sun also revealed that between February and August 2024, the firm bought a large 392,474 ETH for $1.19 billion in three different wallets.
At the moment, Justin Sun’s Ethereum investment has a 29% return on investment (ROI) and has made around $349 million. He has also affected the market due to his recent decision to sell 30,000 ETH worth around $119.7 million when Ethereum was trading at $4,000 last week.
ETH’s Positive Outlook
However, the short-term fear that Sun’s moves brought about does not negatively affect coin performance. In the course of the past week, ETH has appreciated by 1.80% and is currently trading at $3,930. Cryptocurrency trading volume expanded by 13.77% to $31.36 billion as evidence of a lively market. Also, according to CoinGlass, ETH futures open interest has risen by more than 5%, which is a good sign of investor confidence in this asset.
In a recent X post, Ali Martinez, expects further growth of ETH. Martinez pointed out that so-called ‘whales’ have been accumulating ETH as the asset price rose above $3,300. While investors are worried about Sun’s actions, the sentiment toward ETH is still positive, backed by institutional money and increasing hopes for higher returns.
With cryptocurrency continuing to hold ground, all attention now turns to what Sun will do. Will he keep on buying or will more selling affect the price of ETH? As always, only time will tell, but at the moment Ethereum seems to be in a good position, with institutions and long term holders watching closely.
