Prominent crypto entrepreneur Justin Sun, founder of TRON, recently cashed out 19,000 ETH from his Ethereum holdings following the current broader market rally.
According to data from the on-chain analytics platform Spotonchain, Sun transferred 19,000 ETH worth $60.83 million to the HTX platform some hours ago. The funds came from the net 392,474 ETH he purchased between Feb. 8 and Aug. 5 at an average price of $3,027 ($1.19B) in three different wallets.
Justin Sun (@justinsuntron) appears to be cashing in on $ETH amid the latest market rally!
15 hours ago, he deposited the first 19,000 $ETH ($60.83M) to HTX at $3,202.
This was part of the net 392,474 $ETH he allegedly acquired at an average price of $3,027 (est. cost: $1.19B)… https://t.co/976PXgoJ80 pic.twitter.com/UCNpE0vnVp
— Spot On Chain (@spotonchain) November 11, 2024
Long-Term Holders Profiting from Ethereum Price Gains
Besides Sun, there has also been notable activity among other Ethereum whale holders. A whale with 398,891 ETH sold 46,853 ETH for 138.8 million USDC and then transferred another 12,886 ETH worth $42 million, according to Lookonchain.
Nevertheless, analysts like Michael van de Poppe predict that Ethereum will do well in the upcoming months, even though resistance around the current price mark could occur.
Additionally, observers noted that investors’ focus is gradually shifting away from Bitcoin, despite reaching $81,264, to Ether and other altcoins, which is pushing Ethereum’s price rally.
Ether ICO Participant Turns $1,951 to $20.15 Million
Furthermore, Lookonchain data revealed that an Ether initial coin offering (ICO) participant acquired 6,292 ETH for about $0.30 per token during the (ICO), spending $1,951. Currently, the $1,951 investment is worth $20.15 million due to the rise in the value of Ethereum.
Notably, the wallet was inactive for almost three years before its recent reactivation and has performed a number of transactions since then. In one transaction, the wallet sent 1,555 ETH, or $4.86 million, to Coinbase.
For those who took the risk to participate in the Ethereum ICO, the network‘s evolution from a fledgling concept to a multibillion-dollar ecosystem has proven to be a lucrative investment. According to Coinmarketcap data, the coin’s trading volume is $45.37B, up 23.43%, and it trades at $3,149 after rising by 27.82% in the last seven days.
Ether 7-day Price Chart. | Source: Coinmarketcap