Justin Sun Buys Up Ethereum: Bullish Signal Ahead of an Ethereum ETF in the US?

Bittime – The crypto market is getting excited again with the high possibility of approval of Ethereum-based Exchange-Traded Funds (ETF) in the United States at the end of July 2024. This is encouraging big investors (whales) like Justin Sun, one of the founders of Tron, to buy up large amounts of Ethereum.

Sun purchased 1,614 ETH worth approximately $5 million on July 11, 2024, using the USDT stablecoin at a market price of $3,097 per ETH. This purchase brings Sun's Ethereum holdings to a total of 362,751 ETH, worth more than $1 billion, purchased at an average price of $3,047 per ETH.

Sun Activity Fuels Speculation and Positive Sentiment

Sun's accumulation of Ethereum has been ongoing since February 2024. Data from SpotOnChain shows that Sun's Ethereum is held in three different crypto wallets, with each wallet receiving assets from Binance. Previously, Sun had also deposited $21 million to Binance in June 2024 and $45 million USDT recently, which will allegedly be used for future Ethereum purchases.

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Sun's activities sparked speculation among the crypto community. Some saw it as a sign of Sun's bullishness and confidence in Ethereum's future, especially ahead of the ETF approval. Positive sentiment towards Ethereum is also reinforced by the activity of other big investors. Lookonchain, a blockchain data tracker, revealed that Golem Project, a decentralized computing resources platform, has transferred $9.3 million worth of Ethereum to Binance, Coinbase, and Bitfinex in the last 24 hours.

Additionally, Elwood Technologies, a British financial institution focused on crypto, also moved $84 million worth of Ethereum to Binance.

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Please Remember: The Crypto Market is Fluctuating and Full of Risk

However, keep in mind that the crypto market is always volatile and there are no definite guarantees. Investors should always do their own research and consider the risks before investing.

Here are some factors to consider:

• Ethereum ETF Approval: ETF approval could increase Ethereum's accessibility for institutional and retail investors, potentially driving up prices.

• Macroeconomic conditions: Factors such as inflation, interest rates, and monetary policy can influence the entire crypto market, including Ethereum.

• Market sentiment: Positive or negative sentiment towards Ethereum can significantly influence the price.

• Technical analysis: Chart analysis and technical indicators can help predict future Ethereum price movements.

Conclusions and Recommendations for Investors

In conclusion, Justin Sun's purchase of Ethereum and the activity of other big investors shows optimism for the future of Ethereum, especially ahead of the ETF approval.

However, investors should always be careful and do their own research before investing in crypto assets, considering the high market volatility.

Remember that cryptocurrency is a high-risk investment. Do your own research, understand the risks, and invest only what you can afford to lose.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.