When Ethereum broke above $4,000 on December 7, a prominent figure in the cryptocurrency industry placed a sell order worth $119.7 million.
According to on-chain data, Tron’s Justin Sun completed a transfer worth 29,920 ETH to HTX, while Ethereum continued its impressive rise three days ago.
Ethereum price last touched the 4,000 level. dollars last March, and the current price action comes at a time of growing demand for Ethereum ETFs. CoinGlass data shows that ETFs have been very successful highest daily inflow amounting to approximately $428 million as of December 5.
Justin’s decision drop over $119 million ETH sparked questions and well debates about the Tron founder’s current strategy. Does it cash out or simply recalibrate the plan to generate more profit?
After a brief flirtation with the 4k level. dollars, ETH immediately corrected this and at the time of writing it is trading between $3,700 and $3,800.
Justin Sun locking in profits?
Justin Sun purchased 392,474 ETH worth $1.19 billion, at an average market price of $3,027 from February to August. Tron founder locks in profits based on Justin’s recent market decision.
The crypto trader also added 20,000 ETH to HTX on December 5 last year. This transaction, valued at $76.3 million, was the second-largest cryptocurrency move above $3,800.
Sun then added 29,920 Ether worth $119.7 million to HTX on December 8 as the asset price crossed $4,000. dollars. According to Spot On Chain, Sun’s deal netted him a profit of $366 million, excluding income from airdrops and staking.
Sun continues to purchase and transfer ETH tokens
Since the beginning of November, Sun has transferred 41,630 ETH worth $145.9 million to several centralized agencies. Of this batch, 39,000 tokens were transferred to HTX and 2,630 tokens to Poloniex at an average market price of $3,505.
Interestingly, the Tron founder also added staking rewards to HTX, including 322,119 EIGEN coins with a market value of $1.44 million and another 175,021 ETHFI tokens worth $516,000.
Ether shows solid growth
Ethereum recent price augmentwhich allowed him to reach 4,000. dollars, started briefly in November last year. Ethereum has long considered this price level as its resistance zone. On-chain data and charts suggest there is significant selling pressure at this price level, so Ether’s failure to maintain its price this week is understandable.
Although the market has rejected this price, many analysts suggest that bull buyers will likely attempt to break the resistance level again. Due to this latest rejection, the market is advised to be wary of sideways price movements. Nevertheless, Ethereum has a favorable market structure and if it breaks the lower trend line of the channel, a return to the 3.5 thousand level is possible. dollars.
Justin Sun’s $119 million Ethereum selloff has sparked debate over whether he signals profit-taking or caution amid Ethereum’s $4,000 surge. Although Sun has delivered significant profits, its constant investing and transfers suggest a sophisticated strategy rather than a uncomplicated exit. As Ethereum maintains mighty fundamentals, investors will be closely watching whether this sell-off is a trend or an isolated move.
Featured image from Screen Rant, chart from TradingView
