- Justin Sun, founder of Tron, recently transferred 29,920 ETH worth $119.7 million to HTX amid Ethereum’s price surge past $4,000.
- Additionally, Ethereum’s Total Value Locked (TVL) has surged by $7.79 billion in a week, reaching $77.15 billion.
Justin Sun, Tron’s Founder has frequently made headlines in relation to Ethereum due to his significant investments in Ethereum. Recent developments have shown that the founder of Tron recently unloaded a whooping 29,920 ETH worth $119.7 million to HTX soon after ETH’s market price surged past $4,000.
This transaction, coming from a big name in the crypto sector has raised eyebrows. Some are wondering whether Sun is taking profits or positioning for further gains.
Ethereum has been in many investor’s cross-hairs due to its current price momentum. Crypto pundits and market participants are buzzing with excitement as they predict potential highs for the second-largest cryptocurrency by market cap.
Justin Sun’s Strategic Ethereum Investments Since November
Justin Sun, a prominent figure in the cryptocurrency world, has made substantial investments on Ethereum. Recent data from Spot On Chain reveals that he deposited 29,920 ETH, worth approximately $119.7 million, to the Huobi exchange (HTX) on December 8th, 2023.
This significant transaction followed an earlier deposit of 20,000 ETH on December 5th, as Ethereum’s price surged past $3,800.
Between February and August 2023, Sun reportedly acquired a staggering 392,474 ETH for a total of $1.19 billion. With Ethereum briefly touching the $4,000 mark, Sun’s earlier investments have yielded an estimated profit of $366 million, excluding potential staking rewards and airdrops.
Furthermore, since early November, Sun has transferred 41,630 ETH to centralized exchanges, primarily HTX and Poloniex, at an average price of $3,505. Additionally, he has deposited staking rewards, including EIGEN and ETHFI tokens, to HTX, highlighting his strategic approach to capitalizing on Ethereum’s bullish momentum.
Meanwhile, ETH has undergone a slight decline in the daily charts and is at the time of writing exchanging hands with $3,855.69 making after a 3.10% decline. Additionally, the digital asset with a market cap of $463.84B has surged more than 5% and 26% in the past week and month respectively.
On-chain analyst Ali predicts that Ethereum could potentially reach new all-time highs. The next major hurdle is around $4,540. However, maintaining the current bullish trend hinges on holding the $3,560 support level. If Ethereum can sustain this momentum, it may pave the way for even higher price targets.
There is nothing preventing #Ethereum $ETH from reaching new all-time highs. The only modest resistance zone ahead is around $4,540. But as long as the $3,560 demand zone holds, the odds favor the bulls! pic.twitter.com/rggCAWOCA9
— Ali (@ali_charts) December 7, 2024
Ethereum TVL Surges
Ethereum’s Total Value Locked (TVL) has experienced a dramatic $7.79 billion increase over the past week, solidifying its position as the blockchain with the highest TVL growth during this period. This significant development coincides with ETH’s temporary surge to $4,000, indicating a resurgence of investor confidence in the cryptocurrency.
As of December 2nd, Ethereum’s Total Value Locked (TVL) stood at approximately $70 billion. However, this figure has since surged to $77.15 billion, highlighting the platform’s increasing popularity and user adoption.
TVL is a critical metric within the cryptocurrency and DeFi ecosystem. It represents the total value of assets locked or staked in decentralized applications (dApps) and smart contracts built on a specific blockchain. A higher TVL indicates greater user confidence, adoption, and liquidity within the ecosystem.
