Justin Sun, co-founder of Tron, moves millions again. Will he buy more Ethereum as he holds millions of ETH? Spot Ethereum ETFs and Dencun upgrade are key updates.
Justin Sun, one of the co-founders behind Tron, a platform known for its decentralized applications (dapps), has once again made significant moves in the realm of cryptocurrency. According to data from Lookonchain dated February 29th, Sun has reportedly transferred a staggering 100 million USDT to Binance, marking another sizable transaction following recent movements earlier in the week.
Will Justin Sun Expand His Ethereum Holdings?
Between February 12th and 24th, a wallet associated with Sun acquired a substantial amount of ETH, totaling 168,369 coins. The average purchase price stood at $2,894 per coin, resulting in a transaction valued at approximately $580.5 million. As of now, this investment boasts an unrealized profit of around $95 million. With the current surge in cryptocurrency demand, particularly for leading assets like Bitcoin and Ethereum, this profitability could see further growth.
Analysis of the Ethereum price chart reveals a consistent upward trajectory, with ETH climbing from approximately $2,200 in early February to over $3,450 at present. Given this momentum and the heightened institutional interest in prominent cryptocurrencies like ETH, there's considerable likelihood that the coin will continue to see gains.
As Bitcoin edges closer to the $70,000 mark, Ethereum may also follow suit, potentially approaching its previous all-time high of around $5,000.
Speculation abounds regarding Sun's potential to increase his Ethereum holdings, given his already substantial stash of coins. The crypto community eagerly awaits any indications of further purchases, with a keen eye on on-chain data to confirm such moves.
Spotting Ethereum ETFs and the Awaited Dencun Upgrade
Optimism pervades the broader altcoin community, particularly as Bitcoin continues its ascent to new all-time highs fueled by institutional investment. Attention now shifts to the United States Securities and Exchange Commission (SEC), where several applications for a spot Ethereum exchange-traded fund (ETF) are pending.
The lack of a definitive timeline from the regulatory agency introduces uncertainty regarding the status of ETH, potentially impeding the timely approval of this derivative product.
Nevertheless, anticipation builds for forthcoming updates, with May earmarked for potential developments. Should the spot Ethereum ETF receive approval, the coin stands to witness a surge to new heights, mirroring Bitcoin's trajectory.
Prior to this, the spotlight is on the anticipated rollout of the Dencun upgrade. Designed to tackle Ethereum's scalability challenges, this upgrade aims to lay the groundwork for enhanced throughput in the years ahead.
Increased throughput promises reduced transaction fees, thereby enhancing user experience. This upgrade could play a pivotal role in solidifying Ethereum's position within the cryptocurrency landscape, fending off competition from platforms like Solana and the BNB Chain.