Lookonchain has revealed insights into what might be new transactions by Justin Sun, founder of the TRON blockchain. Whale transactions are very rampant in the crypto industry.
It is common practice for on-chain analytics platforms and cryptocurrency investors to keep a careful eye on the buying and selling activity of whales, as their movement tends to influence the price of cryptocurrencies.
Ethereum has particularly been subjected to attention from crypto investors in the past few days, sparked by transaction activity from Justin Sun. Interestingly, Lookonchain has observed what might be another Ethereum whale activity from the crypto pioneer, as 7,402 ETH worth $23.3 million and 95.67 million worth of USDT make their way out of crypto exchange Binance.
Fresh Accumulation From Binance
As noted by Lookonchain, 95.67 million USDT and 7,402 ETH worth approximately $23.3 million were recently withdrawn from Binance today into a new wallet.
Although the identity of the new wallet is unknown, the accumulation pattern is similar to the previous transactions of two other wallets that withdrew large amounts of ETH and stablecoins from Binance in the past few days.
Just now, #JustinSun bought another 21,547 $ETH ($67.5M)!
He has bought 176,117 $ETH($559.7M) at $3,172 since Apr 8.https://t.co/lxsT5vVe32 pic.twitter.com/GGadHk6rYO
— Lookonchain (@lookonchain) April 25, 2024
Interestingly, the two other wallets can be linked to Justin Sun. Perhaps the crypto executive is now accumulating into a new wallet.
Mysterious whale wallets linked to Sun have recently been accumulating Ethereum and USDT from Binance, the latest being the transfer of 7,128 ETH worth $22.34 million into wallet “0x4359.” Notably, wallet 0x4359 has bought 154,570 ETH worth $492.23 million since April 8.
Ethereum is now trading at $3,308. Chart: TradingView
Demystifying The Nature Of The Transfers
The recent accumulation linked to Sun has come amidst what might be the return of bullish sentiment into Ethereum, especially with the bulls working to push the crypto higher.
In fact, NewsBTC recently reported that investors have been withdrawing large amounts of ETH from centralized exchanges in the past few days.
On-chain data shows that over 260,000 ETH worth $781 million have been withdrawn from exchanges in the past seven days after the recent approval of Spot Ethereum ETFs in Hong Kong.
Ethereum’s price has been consolidating in a range between $2,900 and $3,700 a month now. However, the crypto has reported positively to the accumulation trend in the last few days.
At the time of writing, Ethereum is trading at $3,308, up by almost 5% in the past 24 hours. This price rebound could continue into the coming week, which in turn would push Ethereum into positive gains in the monthly timeframe.
Featured image from Justin Sun/Twitter, chart from TradingView