Tron founder Justin Sun has significantly boosted his Ethereum holdings, purchasing 1,614 ETH valued at approximately $5 million USDT.
The recent ETH purchases coincide with preparations ahead of the anticipated approval of a spot Ether ETF by the end of July. Spot on Chain, an on-chain data provider, also noted Sun’s deposit of 45 million USDT to Binance, suggesting potential future Ethereum acquisitions.
Meanwhile, Ethereum whale activity has surged, with notable deposits and transactions. The Golem Project, for instance, made significant ETH deposits to Binance but has reportedly ceased selling while staking 40,000 ETH.
Elwood Technologies followed suit by depositing 26,811 ETH, valued at over $84 million, to Binance within the last three days. However, withdrawals of 24,463 ETH from Elwood-related addresses on Binance were also observed during the same period.
Despite these large-scale movements, Ethereum’s price has remained resilient above the $3,000 mark. Technical indicators suggest a stable support level, indicating potential bullish sentiment in the market.
Investors and analysts are closely monitoring these developments as they anticipate the impact of increased Ethereum holdings and whale activity on market dynamics leading up to the ETF decision.
The ongoing accumulation by major entities like Justin Sun underscores growing confidence in Ethereum’s prospects amidst market volatility.
