Justin Sun Buys 14,884 Ethereum Amid Crypto Market Recovery

Justin Sun buys 14,884 Ethereum in the middle of recovering the crypto market (Photo; Doc. Coinmarketcap)

JAKARTA - Tron founder Justin Sun has made another breakthrough in the crypto market by purchasing 14,884 Ethereum (ETH) amid the ongoing market recovery. This move adds to his Ethereum accumulation that began in February 2024.

According to blockchain analytics platform Spot On Chain, Justin Sun has purchased Ethereum worth USD 36 million (around IDR 581 billion) from Binance in the last ten hours. This purchase is part of Sun's long-term accumulation strategy for Ethereum, which now brings his total ETH holdings to 392,474 units. The estimated cost of this purchase is around USD 1.19 billion (around IDR 19.2 trillion), although the current market value is below USD 1 billion due to the correction in Ethereum's price.

Rumors are circulating that more than USD 200 million (around IDR 3.2 trillion) in Justin Sun's leveraged long positions were liquidated when the price of ETH fell below USD 2,000 (around IDR 32,320) last Monday. However, Sun quickly dismissed the rumors and asserted that the Tron team was not involved in leveraged trading.

ETH prices have surged as the broader crypto market recovers, with fears of a recession in the United States starting to ease after strong PMI data and rising job numbers. Currently, ETH is trading above $2,500 with the market capitalization back to $300 billion.

Despite the significant price drop on Monday, funds invested in ETFs have actually increased. Data from Farside Investors shows that net inflows in ETFs reached $48.8 million yesterday. BlackRock Ethereum ETF (ETHA) recorded inflows of $47.1 million, while Grayscale’s ETHE experienced outflows of $46.8 million. Fidelity’s FETH and VanEck’s ETHV also saw inflows of more than $16 million each.

This shows that institutional players continue to see long-term opportunities in Ethereum and are using the price drop as an opportunity to buy.