As Ethereum surpassed $4,000 on December 7th, a prominent crypto figure executed a sell order valued at $119.7 million.
Based on on-chain information, Tron’s Justin Sun carried out a transaction of 29,920 ETH to HTX, coinciding with Ethereum’s remarkable surge three days ago.
Ethereum’s price last reached the $4k threshold in March, and the ongoing price movement occurs amid a rising demand for ETF investments in Ethereum. Data from CoinGlass reveals that Ether ETFs experienced their largest singular influx of approximately $428 million on December 5th.
Justin’s choice to offload over $119 million in ETH has prompted discussions and constructive debates about the current tactics of the Tron founder. Is he liquidating his assets or merely adjusting a strategy to enhance his earnings?
After momentarily hovering around the $4k mark, ETH promptly readjusted, and it is currently trading within the $3,700 to $3,800 range as of this update.
Is Justin Sun Capitalizing on Profits?
Justin Sun acquired 392,474 ETH worth $1.19 billion at an average market price of $3,027 between February and August. The Tron founder appears to be securing profits in light of his recent market maneuvers.
The crypto mogul also transferred 20,000 ETH to HTX on December 5th. This transaction, valued at $76.3 million, marked the second-largest crypto maneuver beyond the $3,800 level.
Subsequently, on December 8th, Sun moved 29,920 Ether, valued at $119.7 million, to HTX following the asset breaking the $4k threshold. According to Spot On Chain, Sun’s transaction yielded a profit of $366 million, overlooking the earnings from airdrops and staking.
Sun Persistently Buys and Transfers ETH Tokens
Since early November, Sun has shifted 41,630 ETH, valued at $145.9 million, to several centralized platforms. Within this batch, 39,000 tokens were redirected to HTX and 2,630 tokens to Poloniex at an average market price of $3,505.
Interestingly, the Tron founder also contributed staking rewards to HTX, including 322,119 EIGEN coins with a market worth of $1.44 million and another 175,021 ETHFI tokens amounting to $516,000.
Ether Demonstrates Strong Growth
Ethereum’s recent price escalation, which propelled it to $4k, initiated briefly last November. Historically, Ethereum has viewed this price level as its resistance zone. On-chain analytics and graphs indicate that this price level encounters significant selling pressure, making Ether’s inability to maintain the price this week understandable.
Despite the market’s rejection of this price, many analysts propose that bullish buyers will likely attempt another effort to surpass the resistance threshold. Following this recent rejection, the market is advised to prepare for lateral price movements. Nonetheless, Ethereum retains a favorable market framework, and if it breaches the lower trendline of the channel, a revisit to the $3.5k mark is feasible.
Justin Sun’s $119 million Ethereum sell-off has ignited discussions regarding whether it signals profit realization or caution amid Ethereum’s $4,000 surge. While Sun has secured substantial returns, his ongoing staking and transfers indicate a multifaceted approach rather than just a straightforward exit. As Ethereum upholds robust fundamentals, investors are likely to monitor closely whether this sell-off represents a trend or a singular occurrence.
Featured image from Screen Rant, chart from TradingView
