SpotOnChain revealed that Justin Sun, founder of Tron, withdrew 14,884 ETH, worth approximately $35.97 million, from Binance just 10 hours before the report. This move adds to Sun’s extensive accumulation of Ethereum since February.
Sun’s latest withdrawal increases his total Ethereum holdings since February to 392,474 ETH, with an estimated cost of $1.19 billion. Despite the substantial investment, the current value of these holdings is $995 million. These transactions reflect Sun’s ongoing strategy to acquire significant amounts of Ethereum, indicating active and substantial fund movements.
Sun’s financial activities have seen notable transactions involving large USDT transfers, many directly from Binance. These transfers indicate his ongoing engagement in the cryptocurrency market.
For instance, a recent deposit tagged by Spot On Chain “Justin Sun (likely)” involved a significant transaction of 70,000,000 USDT to HTX. This aligns with recent reports of Sun depositing a net amount of 49 million USDT to HTX over the past three days, suggesting potential further investments in Ethereum.
Hackers Buy 16,892 ETH at Market Low Using 39.75M DAIThe profit and loss overview of Sun’s Ethereum portfolio reveals a realized gain of $544.795K, with a profit margin of about 1.799%. However, it also shows an unrealized loss of $193.523M, amounting to -16.287%, highlighting the volatile nature of his investments. The inflow and outflow points in his portfolio indicate strategic buying and selling, possibly aimed at capitalizing on market dips.
The recent withdrawal from Binance, combined with substantial USDT movements, underscores significant liquidity and potential preparatory steps for further large-scale purchases. This financial maneuvering comes just a day after Ethereum experienced a 20% drop, resulting in an estimated loss of $280 million for Sun. Despite this setback, Sun remains active in the market, indicating a robust strategy of accumulating assets during market downturns.
Sun has confirmed that despite the market volatility and rumors of liquidation, his positions remain intact. He clarified in a recent post that he and his team seldom engage in leveraged trading, preferring activities that support the cryptocurrency ecosystem. These activities include staking, running nodes, and providing liquidity to various projects. Sun emphasized his commitment to supporting the industry’s growth and stability through these endeavors.
