Big Crypto Players Stockpile Ethereum: What You Need to Know
Recent blockchain data has unveiled substantial Ethereum (ETH) accumulation by Tron (TRX) founder Justin Sun and an unidentified large-scale crypto investor over the past fortnight.
Insights from Lookonchain, a firm specializing in blockchain analytics, disclose an accumulation of over $182 million worth of Ethereum by Sun and a counterpart.
Whales are accumulating $ETH!
Whale"0x9314" spent $48M to buy 21,192 $ETH at $2,265 from the DEX 10 hrs ago, and has bought 79,980 $ETH($143M) since Jan 1.#JustinSun withdrew 11,267 $ETH($25.3M) from #Binance 5 hours ago and 17,433 $ETH($39.2M) from #Binance since Dec 26.… pic.twitter.com/HQloK4pm9n
— Lookonchain (@lookonchain) January 5, 2024
Notably, Lookonchain’s data highlights a specific wallet address, commencing with 0x9314, which has conspicuously acquired $143 million in ETH since the inception of the new year, primarily through transactions on a decentralized exchange (DEX).
This wallet, associated with a significant crypto entity, executed transactions totaling $48 million for 21,192 ETH at an average price of $2,265 on the DEX. Their cumulative acquisition stands at 79,980 ETH ($143 million) since January 1st.
Moreover, observations from Lookonchain reveal Sun’s withdrawal of approximately $39.2 million worth of ETH from Binance since December 26th, suggesting a move towards cold storage for longer-term holding.
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Simultaneously, Lookonchain’s analysis also tracks substantial ETH transfers from crypto-focused venture capital firm Paradigm to the prominent US-based crypto exchange Coinbase, potentially indicating intentions for market sale.
The data suggests a strategic maneuver by Paradigm, displaying an aptitude for accumulating Ethereum during market downturns and potentially capitalizing on market upswings by leveraging Coinbase as a selling platform.
These recent movements in Ethereum holdings signal intriguing strategic plays by notable entities within the crypto sphere, reflecting diverse tactics in response to market dynamics and potential outlooks.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
