Lookonchain has revealed a preview of what new transactions could be by Justin Sun, founder of the TRON blockchain. Whale trading is very prevalent in the crypto industry.
It is common for on-chain analytics platforms and cryptocurrency investors to carefully monitor the buying and selling activity of whales, as their movements tend to influence the price of cryptocurrencies.
Ethereum was particularly subject to attention crypto investors in recent days, triggered by Justin Sun’s trading activity. Interestingly, Lookonchain observed what could be another Ethereum whale activity from the crypto pioneer, as 7,402 ETH worth $23.3 million and 95.67 million ‘USDT comes out of the Binance crypto exchange.
New accumulation of Binance
As noted by Lookonchain, 95.67 million USDT and 7,402 ETH worth approximately $23.3 million were recently withdrawn from Binance today to a new wallet.
Although the identity of the new wallet is unknown, the accumulation pattern is similar to previous transactions from two other wallets that withdrew large amounts of ETH and stablecoins from Binance over the past few days.
Just now, #JustinSun I bought 21,547 more $ETH ($67.5 million)!
He bought 176,117 $ETH($559.7 million) to $3,172 since April 8.https://t.co/lxsT5vVe32 pic.twitter.com/GGadHk6rYO
– Lookonchain (@lookonchain) April 25, 2024
Interestingly, the other two wallets may be linked to Justin Sun. Perhaps the head of crypto is now accumulating in a new wallet.
Mysterious whale wallets linked to Sun have recently accumulated Binance’s Ethereum and USDT, the latest being the transfer of 7,128 ETH worth $22.34 million into the “0x4359” wallet. Notably, wallet 0x4359 has purchased 154,570 ETH worth $492.23 million since April 8.
Ethereum is now trading at $3,308. Chart: TradingView
Demystifying the nature of transfers
Recent accumulation linked to the Sun came amid what could be the return of bullish sentiment on Ethereum, especially with bulls working to push the crypto higher.
Actually, NewsBTC recently reported that investors have withdrawn large amounts of ETH from centralized exchanges in recent days.
On-chain data shows that more than 260,000 ETH worth $781 million was withdrawn from exchanges in the last seven days after the recent approval Spot Ethereum ETFs in Hong Kong.
The price of Ethereum has been consolidation in a range between $2,900 and $3,700 per month currently. However, the crypto has reported positive accumulation trend over the past few days.
At the time of writing, Ethereum is trading at $3,308, up almost 5% in the last 24 hours. This price rebound could continue over the coming week, which in turn would push Ethereum in positive gains over the monthly period.
Featured image by Justin Sun/Twitter, chart by TradingView
