$487 Million Ethereum Purchase by Justin Sun Sparks ETF Talk

Last updated: February 27, 2024 12:30 PM

Published February 27, 2024 2:47 AM

Last updated: February 27, 2024 12:30 PM

Published February 27, 2024 2:47 AM

Crypto mogul Justin Sun recently withdrew 13,780 ETH valued at $41.24 million from Binance, adding to a 13-day ETH buying spree totaling 168,369 ETH worth $487 million. This acquisition was completed just before Ethereum broke $3,000 on its third attempt in one week.

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

Sun’s accumulation has sparked speculation among crypto enthusiasts regarding his motives. Meanwhile, traders have noted similarities between Ethereum’s 35% monthly rally and Bitcoin’s price action before its ETF approval. There is also talk of BlackRock and Fidelity building up Ethereum balances. As major Bitcoin ETF issuers, they are seen as top contenders for a potential Ethereum ETF.

Significant ETH transfers have occurred from exchanges to more secure wallets per on-chain data provider Lookonchain. Over $45 million worth of ETH was recently withdrawn from Binance in one transaction.

Whales are accumulating $ETH!

0x8B94 withdrew 14,632 $ETH($45.5M) from #Binance and staked it in the past 6 days.https://t.co/bywnrZ2glt

2 fresh whale wallets withdrew 6K $ETH($18.7M) from #Kraken in the past 2 days.https://t.co/0kEvOmiv3h https://t.co/90fqjJXsSu pic.twitter.com/J0ewl8S3OX
— Lookonchain (@lookonchain) February 26, 2024

The Ethereum network upgrade called Dencon is approaching on March 13th. Dencon aims to improve scalability and address long-standing issues, making it a widely anticipated upgrade event.