Posted: November 12, 2024

• Justin Sun cashes out 19,000 ETH, making $69.36 million in profits amid market surge.
• Ethereum price sees a 29% rally, while whales, including Vitalik Buterin, make significant moves.

In a significant move, Tron founder Justin Sun has reportedly begun cashing out a portion of his Ethereum [ETH] investment, fueling speculation within the crypto market.

Just hours ago, Sun deposited 19,000 ETH, worth approximately $60.83 million, to HTX at an ETH price of $3,202.

This transaction has caught the attention of market participants, coinciding with an increase in activity among dormant Ethereum whales who have started unloading their holdings. 

Justin Sun’s profit status

As a result of the recent transactions, Sun’s estimated profits from the ETH offloading amount to $69.36 million, reflecting a gain of nearly 5.69% due to the surge in Ethereum prices.

According to data from SpotonChain, this deposit is part of a much larger acquisition of 392,474 ETH that Sun allegedly purchased between 8th February and 5th August across three separate wallets.

With an average purchase price of $3,027 per ETH, his total investment in Ethereum stands at an estimated $1.19 billion.

Despite the sizable transaction, this recent offloading represents only a small fraction of his total ETH holdings, suggesting no immediate cause for concern.

This coincided with Ethereum’s price surging by 29% over the past week, reaching $3,200, and also aligning with Donald Trump’s victory in the U.S. presidential election.

For an extended period, ETH had struggled to surpass the $2,500 threshold, but recent market shifts have driven this impressive rally.

Community reacts

Investors are keenly watching how Ethereum will react, with one X user humorously remarking on the situation, stating, 

“He will use it to pump tron meme like $sundog.” 

While others said that this move would be quite “Bullish” for ETH. 

As expected, it’s not just Sun making significant moves—Ethereum co-founder Vitalik Buterin also recently deposited 200 ETH, valued at approximately $530,000, into the Kraken exchange.

Alongside this, two Ethereum whales offloaded a total of 33,701 ETH, worth about $89.72 million, triggering a 13.75% surge in Ethereum’s price. 

Impact on ETH’s price

Meanwhile, on the price front, Ethereum’s price has dropped by 1.07% in the past 24 hours, trading at $3,161 according to CoinMarketCap.

Despite this, the RSI remains above the neutral 70 level, currently at 74, indicating strong bullish momentum.

However, when the RSI enters the overbought zone, it often signals a potential reversal, suggesting that Ethereum might experience some bearish pressure soon.