• 17 July, 2024
Markets News

Justin Sun’s Bold Ethereum Moves: A Strategic $1.11 Billion Investment

Tron founder Justin Sun is making waves with his significant Ethereum (ETH) investments. According to Spot On Chain, on July 10, Sun invested $5 million to acquire 1,614 ETH, paying around $3,097 per token. This move is part of Sun’s broader strategy, demonstrating his continued confidence in the cryptocurrency market.

Since February, Sun has amassed an impressive 362,751 ETH, valued at approximately $1.11 billion, distributed across three wallets. His transactions reveal a deliberate strategy of buying ETH during price dips and selling smaller portions during peaks. For instance, on July 10, he purchased 1,614 ETH for $5 million; on June 25, he acquired 1,449 ETH for $4.761 million.

Sun’s portfolio’s Profit and Loss (PnL) analysis indicates that he has invested $1.136 billion to purchase 372,751 ETH, with an average acquisition price of $3,046 per token. Sun has realized gains by selling 10,000 ETH for $30.820 million at an average price of $3,082, netting a profit of $355,154. Despite the volatile market conditions, Sun’s unrealized gains stand at $21.076 million, reflecting a 1.907% appreciation of his remaining holdings.

Source: Image by Spot On Chain

Sun has diversified his investments across various tokens, with a current balance of $816 million, indicating a 3.894% overall increase. His largest holding includes 96,148 staked Ether (STETH) worth $299.599 million. 

Additionally, he holds 247.783 million TrueUSD (TUSD) tokens, valued at $247.659 million. He also has 63.780 wrapped Ether (EETH) tokens, worth $198.024 million, and 13.152 wrapped stETH (WSTETH) tokens, valued at $47.867 million. Sun also possesses 455.594 billion Shiba Inu (SHIB) tokens, valued at $7.540 million.

Source: Image by Spot On Chain
TRON (TRX) Breakout and Token Burn Signal Bullish Momentum

On July 5, Spot On Chain reported that Sun might have incurred a $66 million loss following a 10% drop in Ethereum’s price. Despite this setback, Sun purchased 361,137 ETH from February to June at an average cost of $3,047, underscoring his steadfast confidence in Ethereum-related assets.

Justin Sun’s strategic investments and diversified portfolio underscore his influential role in the cryptocurrency market. Despite the inherent market volatility, he has shown a clear preference for Ethereum and related assets.

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