Blockchain data platform Spot On Chain reported that Justin Sun, the creator of Tron (TRX), has recently withdrawn hundreds of Ethereum (ETH) from Binance, which he had purchased at an average price of $2,239 each. This action has led to speculation that Sun may believe ETH has bottomed out in price, prompting his withdrawal from the crypto exchange.
According to on-chain data, the prominent altcoin billionaire retrieved 6,166 ETH worth $13.8 million from Binance, which he had deposited earlier. Observers are interpreting Sun’s move as a belief in the potential price bottom of ETH, especially as the withdrawal coincides with the anticipated approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) in early January 2024.
The crypto market has been closely monitored globally in anticipation of the spot ETF approval, with Ethereum, among other altcoins, showing significant interest. Ethereum has surged 86.93% since the start of the year, although it has seen a 2.16% decline in the last 24 hours, trading at $2,234 at the time of writing.
Sun holds various altcoins in his personal wallet outside of crypto exchanges, with assets worth $521.9 million. The largest share in his wallet is 183,000 Lido wstETH (WSTETH), valued at $469.72 million, followed by 12,905 ETH worth $28.88 million.
Furthermore, Sun’s wallet contains other notable assets such as 577 billion Shiba Inu (SHIB) valued at $6.16 million, 6.25 million Curve Finance (CRV) tokens worth $3.93 million, and 2.2 million Tether (USDT) valued at $2.2 million.
These holdings highlight Sun’s diverse cryptocurrency portfolio and his significant influence in the market, with his actions often leading to widespread speculation and analysis among crypto enthusiasts and investors.