Was Justin Sun The Mysterious Ethereum Whale Who Bought $160M in ETH?

Justin Sun, the founder of Tron, could be the individual behind the $160.7 million in ETH acquisition based on the associated address.

Ethereum has recently been surging and headed toward the $3,000 mark owing to recent whale activities, spot ETH ETFs, and the upcoming Dencun upgrade.

Crypto Transactions Traced to Wallets Linked to Sun

According to a Lookonchain post on X, the acquisition was conducted through the prominent cryptocurrency exchange Binance and several decentralized exchanges (DEXs).

1/ In the past 32 hours, someone bought a total of 54,721 $ETH ($154.4M) from #Binance and #DEX.

Who is this guy? Could be #JustinSun?

Let’s dig deeper. pic.twitter.com/6yh4GRZnws

— Lookonchain (@lookonchain) February 19, 2024

The wallet, recognized by the partial address “TWGHNc,” has been examined for its transactions, including a withdrawal of 500 million USDT in Tether from HTX, previously known as Huobi, on Sunday.

The correlation between transactions from the wallet tagged “TWGHNc” and another wallet, “0x7a95,” has drawn attention due to their synchronized activities, suggesting a possible connection between them.

The pattern of deposits and withdrawals, such as the $5.4 million deposit to HTX by TWGHNc on February 7 and the closely timed withdrawal of a similar value in ETH by 0x7a95 from HTX, alongside the large USDT deposit to Binance followed by a substantial ETH withdrawal, adds to the speculation about these wallets’ ownership or control.

Moreover, another deposit of 50 million USDT to Binance by TWGHNc on February 1 was followed by a withdrawal of 9,959 ETH from the exchange by 0x7a95 on February 12. These transactions, particularly the large movements from HTX, hint at the possibility that the wallet could be associated with Sun.

Ethereum Price on the Rise

Ethereum has been surging lately, indicating a bullish trend. The asset’s daily trading chart points to a distinct change in market dynamics, with a pronounced bullish momentum leading the charge. This momentum has propelled the price to breach an important resistance zone, a psychological threshold around the $2,900 mark, which it has successfully overcome.

Ethereum surpassing the level suggests buyers currently dominate the market, and the trajectory appears poised for continuity, with the market’s focus now shifting towards exceeding the major annual peak price of $3,600.

Apart from the whale activity, the race for spot Ethereum ETFs has brought considerable attention from major players. Institutions such as Fidelity, Ark 21Shares, Grayscale, VanEck, Invesco, Galaxy, and Hashdex are among those looking to enter the space. This interest follows the success of similar products launched for Bitcoin in mid-January, which collectively accumulated a staggering $11 billion in assets.

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