- Justin Sun’s recent 14,436 ETH purchase from Binance continued his strategic investments in Ethereum.
- Sun’s history of buying ETH has revealed a calculated investment pattern, resulting in over $50M in unrealized profits.
Justin Sun, the founder of Tron [TRX], has reportedly made another significant transaction involving Ethereum [ETH].
According to on-chain analytics provider Spot On Chain, Sun allegedly redeemed 14,436 ETH from Binance [BNB].
The transaction in question involved the withdrawal of 14,436 ETH, worth approximately $45.51 million, from Binance by the wallet 0x43594da5d6a03b2137a04df5685805c676def7cb, which is believed to belong to Justin Sun.
The transaction ID for this withdrawal is 0x49856fe8819766a4788d92430bdb2281a1903d43d5cc920633c08753441884bf.
Moreover, the withdrawal took place around 22 hours ago, following a deposit of 45 million USDT to Binance three days prior. This makes the purchasing price around $3,117 per ETH.
Justin Sun’s history of buying ETH
Since the 8th of February, Sun has potentially acquired 377,188 ETH at an average price of $3,049. All these transactions were completing by using three separate wallets.
The aforementioned purchases included 169,604 ETH in February at an average price of $2,870, 192,168 ETH in April and July at an average price of $3,175, and 15,416 ETH in June at an average price of $3,474.
These acquisitions have led to an unrealized profit for Justin Sun, exceeding $50 million at press time, reflecting a gain of about 4.4%.
Market reaction
When Sun made his recent withdrawal, the price of ETH dipped by approximately 10%, causing significant unrealized losses.
Despite this, Sun has continued to make notable acquisitions. Tron’s co-founder reportedly used another 5 million USDT to buy 1,614 ETH at around $3,097 per ETH.
His strategy typically involves depositing stablecoins to exchanges before purchasing ETH, indicating his ongoing interest and engagement in the Ethereum market.
As of press time, ETH was trading at $3,353.33, with a 24-hour trading volume of $12,181,635,567, per AMBCrypto’s look at Coingecko’s data.
This marked a 4.89% price increase in the last 24 hours and a 15.47% increase over the past seven days.