Lookonchain has revealed insights into what might be new transactions by Justin Sun, founder of the TRON blockchain. Whale transactions are very rampant in the crypto industry.Interestingly, the two other wallets can be linked to Justin Sun. Perhaps the crypto executive is now accumulating into a new wallet.
Mysterious whale wallets linked to Sun have recently been accumulating Ethereum and USDT from Binance, the latest being the transfer of 7,128 ETH worth $22.34 million into wallet “0x4359.” Notably, wallet 0x4359 has bought 154,570 ETH worth $492.23 million since April 8.
Ethereum is now trading at $3,308. Chart: TradingView
Demystifying The Nature Of The Transfers
The recent accumulation linked to Sun has come amidst what might be the return of bullish sentiment into Ethereum, especially with the bulls working to push the crypto higher.
In fact, NewsBTC recently reported that investors have been withdrawing large amounts of ETH from centralized exchanges in the past few days.
On-chain data shows that over 260,000 ETH worth $781 million have been withdrawn from exchanges in the past seven days after the recent approval of Spot Ethereum ETFs in Hong Kong.
Ethereum’s price has been consolidating in a range between $2,900 and $3,700 a month now. However, the crypto has reported positively to the accumulation trend in the last few days.
At the time of writing, Ethereum is trading at $3,308, up by almost 5% in the past 24 hours. This price rebound could continue into the coming week, which in turn would push Ethereum into positive gains in the monthly timeframe.
Featured image from Justin Sun/Twitter, chart from TradingView
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Author: Scott Matherson
