Ethereum

2024

Spot

Tron Founder Justin Sun bought $5 million worth of Ethereum (ETH) over the past 24 hours ahead of the likely imminent launch of spot ETH <a href="https://insidebitcoins.com/news/bitwise-says-sec-open-to-etfs-beyond-bitcoin-ethereum-as-eth-etfs-near-the-finish-line">ETFs</a> (exchange-traded funds). 
Sun’s recent purchase saw him add around 1,614 ETH to his holdings, according to a July 11 X <a href="https://x.com/spotonchain/status/1811228197981454720">post</a> by the on-chain tracking platform Spot On Chain. 
<img decoding="async" src="https://en.ethereumworldnews.com/wp-content/uploads/2022/04/Tron-Justin-Sun-TRX.jpg" alt="Tron's Justin Sun Buys $1M in UST in What He Calls a 'Secret Plan' For the Stablecoin - Ethereum World News"> 
<h2 id="span-style-font-weight-400-justin-sun-absorbs-selling-pressure-from-whales-span">Justin Sun Absorbs Selling Pressure From Whales</h2> 
The Tron founder has been actively accumulating the leading altcoin since the beginning of the year. Since Feb. 8, he has used multiple wallets to purchase a total of 362,751 ETH worth about $1.1 billion at an average purchase price of $3,047, Spot On Chain <a href="https://x.com/spotonchain/status/1811228197981454720">said</a>. 
His shopping spree might not be over yet because he recently deposited another $45 million via USDT to Binance.&nbsp; 
Sun’s <a href="https://insidebitcoins.com/news/ethereum-price-prediction-eth-soars-5-as-vaneck-and-21-shares-amend-ethereum-etf-filings-as-traders-flock-to-this-p2e-crypto-after-huge-token-burn">ETH</a> accumulation comes as large amounts of the altcoin are deposited on centralized exchange platforms. The Golem Project was one of the whales that sent a substantial amount of ETH to Binance recently. 
But the company appears to have stopped selling its holdings and has opted to stake 40,000 ETH, according to Lookonchain. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Golem(<a href="https://twitter.com/golemproject?ref_src=twsrc%5Etfw">@golemproject</a>) appears to have stopped selling <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>, and he staked 40,000 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($124.6M) 8 hours ago.<a href="https://t.co/JLwB4bmBtQ">https://t.co/JLwB4bmBtQ</a> <a href="https://t.co/HzizTZ01YG">pic.twitter.com/HzizTZ01YG</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1811228391972168022?ref_src=twsrc%5Etfw">July 11, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Elwood Technologies is also among the large depositors after it sent 26,811 ETH to Binance throughout the past three days. Some of the wallet addresses belonging to the company did, however, withdraw 24,463 ETH during the same period to almost negate the deposits. 
<h2 id="span-style-font-weight-400-eth-remains-down-for-the-week-as-multiple-ethereum-etf-filings-hit-the-sec-s-desk-span">ETH Remains Down For The Week As Multiple Ethereum ETF Filings Hit The SEC’s Desk</h2> 
Despite managing to print a small <a href="https://coinmarketcap.com/currencies/ethereum/">gain</a> in the past 24 hours to trade at $3,115.61 as of 3:35 a.m. EST, the altcoin leader is&nbsp; down more than 2% on the weekly timeframe. 
Multiple ETH ETF-related filings have been made in the past week. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <a href="https://t.co/lCZBQo2spS">pic.twitter.com/lCZBQo2spS</a> 
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1810452887140786187?ref_src=twsrc%5Etfw">July 8, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Bloomberg ETF analyst Eric Balchunas anticipates a potential approval for an ETH ETF by July 18. 
<h3 id="span-style-font-weight-400-related-articles-span">Related Articles:</h3> 
<ul> 
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/bitwise-says-sec-open-to-etfs-beyond-bitcoin-ethereum-as-eth-etfs-near-the-finish-line">Bitwise Says SEC Open To ETFs Beyond Bitcoin, Ethereum As ETH ETFs Near The Finish line</a></li> 
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/new-cryptocurrency-releases-listings-presales-today-develocity-finance-lif3-apeiron">New Cryptocurrency Releases, Listings, &amp; Presales Today – Develocity Finance, Lif3, Apeiron</a></li> 
 <li style="font-weight: 400;"><a href="https://www.linkedin.com/pulse/upcoming-crypto-presales-unlock-early-investment-calsona-plu5e/">Upcoming Crypto Presales: Unlock Early Investment Opportunities!</a></li> 
</ul>

Justin Sun Scoops Up $5 Million ETH As Ethereum ETF Launches Approach

Table of Contents

Inside Bitcoins

Other articles published on Jul 11, 2024

MOONHOP, the Best Crypto Presale 2024 Enters the Market Amidst Cardano's Nike Reveal & JasmyCoin'...

Must-Have Cryptocurrencies for Every Wallet

Solana gaming L2 Sonic announces a partnership with Neon Stack

DappRadar Report: State Of The Dapp Industry Q2-2024 – Part 1

Innovative Trading Platform Raises $9.5 Million in 2024 as Experts Crown it “Best Presale” Over R...

Top Altcoins Picks For Breakout Rally Gains Next Week

Join our free newsletter for daily crypto updates!