2024-04-29
Lookonchain has provided insights into potential new transactions by Justin Sun, the founder of the TRON blockchain.
In the crypto industry, whale transactions, which involve large amounts of digital assets, are quite prevalent.
It is customary for on-chain analytics platforms and cryptocurrency investors to closely monitor the buying and selling activities of whales.
This is because their movements often have an impact on the price of cryptocurrencies.
Recently, there has been a particular focus on Ethereum due to transaction activity involving Justin Sun.
Interestingly, Lookonchain has observed what appears to be another instance of Ethereum whale activity by the crypto pioneer.
A total of 7,402 ETH, valued at $23.3 million, along with 95.67 million USDT, were withdrawn from the crypto exchange Binance.
According to Lookonchain, these significant amounts of USDT and ETH were transferred to a new wallet, although the identity of the wallet remains unknown.
This accumulation pattern is similar to previous transactions involving two other wallets that have withdrawn substantial amounts of ETH and stablecoins from Binance in recent days.
What adds to the intrigue is the potential connection between these two wallets and Justin Sun.
It is possible that the crypto executive is now accumulating assets in a new wallet.
Mysterious whale wallets associated with Sun have been steadily accumulating Ethereum and USDT from Binance.
The most recent transfer involved 7,128 ETH, equivalent to $22.34 million, into a wallet identified as "0x4359." Notably, since April 8, this wallet has purchased 154,570 ETH, valued at $492.23 million.
This recent accumulation linked to Sun coincides with a possible resurgence of bullish sentiment in Ethereum, particularly as the bulls work to drive the crypto's value higher.
In fact, NewsBTC recently reported that investors have been withdrawing substantial amounts of ETH from centralized exchanges in the past few days.
On-chain data reveals that over the past seven days, more than 260,000 ETH, amounting to $781 million, have been withdrawn from exchanges. This trend follows the recent approval of Spot Ethereum ETFs in Hong Kong.
For the past month, Ethereum's price has been consolidating within the range of $2,900 to $3,700. However, the crypto has responded positively to the accumulation trend in recent days.
At the time of writing, Ethereum is being traded at $3,308, representing an almost 5% increase in the past 24 hours.
If this price rebound continues into the coming week, Ethereum could experience positive gains on a monthly basis.
