Spot Ethereum ETFs FOMO: Tron Founder Justin Sun Drops $5 Million On ETH

Justin Sun, the founder of Tron, a decentralized blockchain-based operating system, has found himself joining the Spot Ethereum ETFs FOMO with a new $5 million investment in Ethereum (ETH), the world’s second-largest cryptocurrency.  Tron Founder Buys $5 Million Worth Of ETH In an X (formerly Twitter) post on July 11, Spot On Chain, an AI-driven on-chain analytics platform, uncovered a new Ethereum transaction allegedly executed by Sun. According to the analytics platform, the Tron founder had supposedly spent $5 million to buy 1,614 ETH tokens at an approximate price of $3,097 per ETH.  Related Reading: Forbes Says Shiba Inu Price Will Rise 1,700% To Reach $0.0003 ATH, Heres When Spot On Chain revealed that since February 8, 2024, Sun has purportedly purchased a total of 362,751 ETH tokens at an estimated cost of more than $1.11 billion, with an average price of $3,047 per ETH. This massive ETH transaction was executed via three crypto wallet addresses.  Additionally, the analytics platform noted that the Tron founder recently deposited 45 million USDT to Binance, a major crypto exchange, suggesting the possibility of new intentions to buy more Ethereum soon. The crypto founder has often received ETH coins from Binance right after depositing his stablecoin into the exchange.  Interestingly, Suns newest ETH purchase comes as the FOMO surrounding Spot Ethereum ETFs is growing stronger in the crypto market. Previously in June, Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC) announced that Spot Ethereum ETF trading will officially launch in the summer. As a result, the broader crypto market has been looking forward to the debut of a digital asset that could potentially trigger a major rally for ETH. Before his $5 million ETH purchase, Sun had supposedly recorded a major loss after Ethereum declined by 10% on July 7. Spot On Chain disclosed that the Tron founder may have lost $66 million in the volatile market, erasing the initial $58 million profit he had gained just a day earlier.    Ethereum Whales Enter Accumulation Phase Despite the recent declines experienced by Ethereum, the FOMO and excitement surrounding Spot Ethereum ETFs may have triggered a change in market sentiment and investors’ demand for the cryptocurrency. According to prominent crypto analyst, Ali Martinez, Ethereum whales are back to accumulating ETH.  The analyst disclosed that the cryptocurrency had witnessed a brief distribution period, potentially triggered by Ethereums low market performance and subsequent drop to $3,055 as of writing. In addition to ETH, Bitcoin (BTC) has also declined significantly, plummeting by more than 14% over the past month.  Related Reading: Cardano Sees 1,218% Spike In This Major Metric, Will ADA Price Follow? While whales show renewed interest in Ethereum, crypto analysts predict further price declines in the cryptocurrency following the launch of Spot Ethereum ETFs. However, as demand for Ethereum ETFs rises and market conditions stabilize, ETH could see its price potentially rising as high as $8,000 this market cycle.  Featured image created with Dall.E, chart from Tradingview.com

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Whale Deposits $21 Million In DeFi Tokens To Binance, Was It Justin Sun?

In the early hours of Monday, a dormant whale moved $21 million worth of 4 DeFi tokens to the crypto exchange Binance. The news received mixed reactions from the community, which worries about an incoming dump amid the recent retrace of the crypto market. Related Reading Whale Deposits $21 Million In DeFi Tokens To Binance [...]

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TRON’s Justin Sun’s Reassures Crypto Community That Huobi Exchange Is Solvent

In a recent development, Justin Sun, founder of popular blockchain Tron, has urged people to disregard speculations that the crypto exchange Huobi is facing severe challenges following news of the alleged detention of some of the platform’s officials.  The rumors appear to be a major contributing factor to why the firm experienced multi-million withdrawals during the weekend, while Tron’s Total Value Locked (TVL) has fallen below $2.5 billion.  Trouble In Paradise? Over the past weekend, cryptocurrency exchange Huobi experienced massive outflows worth about $64 million amid reports that Chinese authorities were investigating its executives and the likelihood of insolvency. There were speculations that the platform’s leaders were arrested on the 5th of August in China. According to popular Chinese reporter Colin Wu, the arrest was due to Huobi’s involvement with gambling websites. One top official of the exchange also recently left the company, though it remains unclear if that was connected to the ongoing investigations by Chinese authorities. Related Reading: XRP Whales Trigger Price Decline With Large Selling A third of the $64 million is believed to be made up of Bitcoin (BTC), while Tron’s native token (TRX) and Huobi Token (HT) follow respectively at 26.5% and 20.3%. The rumors were so rife that the withdrawals triggered serious volatility in HT’s price and the token fluctuated during the weekend before settling at its present level of about $2.66. Furthermore, there are also rumors that the exchange is undergoing protracted financial challenges. According to Adam Cochran, an angel investor and fintech executive, there are some discrepancies in the platform’s Tether (USDT) holding.  Based on on-chain data, Huobi held less than $90 million of assets on the 5th of August. However, their recent “Merkle Tree Audit” claims they hold $630 million in USDT.  Cochran believes this means that Huobi might be insolvent, implying the platform may not have sufficient funds to meet its obligations. HT price sitting at $2.6 | Source: HTUSD on Tradingview.com Huobi Reacts To Speculations In response to the speculations, Justin Sun, who serves as an Advisor to the exchange, recently took to his Twitter account to offer some clarifications. In a series of tweets, he asked users to “ignore FUD, keep! #TRON  and Huobi will thrive through continuous development. Trust in our vision and community efforts for a stronger future. Perseverance guarantees success!” Related Reading: Curve Finance Announces $1.85 Million Bounty For Stable Pool Exploiter Many users simply responded by posting the figure “4” below his tweet. The figure, which was popularized in the crypto space by Changpeng ‘CZ’ Zhao, Binance CEO, simply means “Ignore FUD, fake news, attacks, etc.”  This is not the first time Sun and his team are facing serious troubles. In the past, there have been rumors of financial troubles at the exchange. However, it remains to be seen what the likely fallout would be in the most recent event. Featured image from Coinpedia, chart from Tradingview.com

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