Since December 26, Justin Sun, the founder of Tron, and an unidentified cryptocurrency billionaire have amassed an excess of $182 million worth of Ethereum.
The cryptocurrency market has been the scene of significant acquisitions of Ethereum (ETH) by prominent individuals, including the founder of Tron (TRX), Justin Sun, in recent weeks. Lookonchain, a blockchain monitoring business, has examined on-chain data and found that these purchases total approximately $182 million in Ethereum since December 26. This indicates that major investors are showing a growing interest.
A prominent figure in the Tron blockchain, Justin Sun, has started buying Ethereum at a rapid pace. Sun has reportedly taken $39.2 million worth of Ethereum out of Binance since December 26, according to Lookonchain’s report. The goal here is to get cold storage assets, which are good for the long haul; therefore, this is a common tactic. After Sun withdrew 17,433 ETH, the entire sum comprises 11,267 ETH, which is worth over $25.3 million.
This strategic purchase fits in with a larger trend of more and more investors showing interest in Ethereum. Despite Sun’s ties to Tron, his participation in Ethereum highlights the community’s interest in cryptocurrencies across platforms.
An anonymous crypto whale wallet address starts with 0x9314, has made significant Ethereum purchases. This entity has purchased 79,980 ETH, or $143 million, from a decentralized exchange (DEX) since the new year began. Such sizable purchases by influential market participants may have a significant impact on the market dynamics of Ethereum.
These whales’ actions, especially their large-scale purchases of ETH, show that they are positive about Ethereum. The activities of Paradigm, a venture capital company with an emphasis on cryptocurrency, provide further evidence of this tendency. The Lookonchain team has noticed that Paradigm has a winning strategy: they buy Ethereum (ETH) when prices are low and sell it when prices are high. Paradigm may have been preparing to sell after recently depositing 6,500 ETH, or $14.67 million, into Coinbase.
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