Justin Sun Invests Heavily in Ethereum Ahead of Potential ETF

Recently, Justin Sun, a heavyweight in the industry, made waves by adding substantially to his already impressive Ethereum (ETH) collection. In a gesture of confidence in the future of cryptocurrency, Sun acquired 13,780 ETH, increasing the value of his portfolio by more than $41 million.

This move marks the end of a series of purchases that totaled 168,369 ETH, valued at around $487 million, at an average purchase price of $2,879 per ETH. Notably, this accumulation strategy culminated just before ETH surpassed the $3,000 milestone, a feat not seen since April 2022.

Sun’s activities did not go unnoticed, sparking speculation and debate among cryptocurrency enthusiasts on social media. Many wonder about the prior knowledge that could be motivating their actions, especially considering the precision of the timing of their purchases. This renewed interest in Ethereum is not isolated; coincides with growing rumors about the possible approval of an ETH exchange-traded fund (ETF), a development that could catapult the cryptocurrency to new heights.

The suspected #JustinSun wallet bought 13,780 $ETH($41.24M) from #Binance again 12 hours ago.

He bought 168,369 $ETH($487M) at $2,894 from #Binance and #DEX in less than 13 days!😱https://t.co/HOLrbULDJB pic.twitter.com/zhJMQJGgq9

— Lookonchain (@lookonchain) February 25, 2024

At the same time, the cryptocurrency community is closely watching market signals that date back to the period before the approval of the Bitcoin ETF. At the time of publication, the price of ETH was quoted at US$3,168.79, up 3% in the last 24 hours.

Additionally, speculation is fueled by news that asset management giants such as BlackRock and Fidelity are increasing their positions in Ethereum. BlackRock’s near-impeccable track record in approving ETFs, with 571 out of 572 successful attempts, suggests a possible promising future for ETH if these trends continue.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.