Key Points
- Justin Sun recently purchased 14,436 ETH from Binance, continuing his strategic investments in Ethereum.
- Sun’s investment pattern in Ethereum has resulted in over $50M in unrealized profits.
Justin Sun, the founder of Tron, has made another significant transaction involving Ethereum (ETH).
Spot On Chain, an on-chain analytics provider, reported that Sun redeemed 14,436 ETH from Binance.
The Transaction Details
The transaction involved the withdrawal of 14,436 ETH, which is approximately valued at $45.51 million. The wallet 0x43594da5d6a03b2137a04df5685805c676def7cb, reportedly belonging to Sun, completed the withdrawal.
The withdrawal took place about 22 hours after a deposit of 45 million USDT to Binance three days earlier, making the purchasing price around $3,117 per ETH.
Justin Sun’s Investment History in Ethereum
Since February 8th, Sun has reportedly acquired 377,188 ETH at an average price of $3,049 using three separate wallets.
His 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 purchases have resulted in an unrealized profit for Sun of over $50 million, reflecting a gain of about 4.4%.
When Sun made his recent withdrawal, the price of ETH dipped by roughly 10%, causing significant unrealized losses.
Despite this, Sun continued to make significant purchases. He 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 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. This marked a 4.89% price increase in the last 24 hours and a 15.47% increase over the past seven days.
