Following Ethereum's impressive rally last week, Justin Sun has sold part of his ETH holdings. Market movements are drawing interest from analysts and investors.
Justin Sun's Ethereum Sale
Tron founder Justin Sun has recently sold 19,000 ETH, transferring them to crypto exchange HTX. This sale is worth about $60.83 million and is part of Sun's broader investment strategy. Between February and August, Sun accumulated around 392,474 ETH, averaging $3,027 per coin. Although significant, his recent sale is relatively small in the context of his total ETH holdings.
Dormant Whales Activity
Alongside Sun's actions, dormant Ethereum whales are becoming active. An initial Ethereum ICO investor, inactive for nearly three years, transferred 1,555 ETH to Coinbase. Originally, this wallet purchased 6,292 ETH for $1,951, and its value has seen substantial profit. Additionally, a major whale holding 398,891 ETH has started selling. Since early November, they have sold 46,853 ETH for $138.8 million USDC and moved another 12,886 ETH to exchanges, still holding 352,036 ETH.
Ethereum Market Predictions
As Ethereum nears the $3,200 mark, its market cap approaches $400 billion, sparking speculation about potential new highs. Market analyst Michael van de Poppe suggests Ethereum may face resistance, yet expects it to continue performing well. With increased Ethereum ETF inflows, experts are optimistic that Bitcoin's growth could push ETH toward new records.
Amid the current Ethereum market stability, analysts are examining the long-term effects of major investors' strategies and potential ETH price highs.
