Justin Sun, the founder of Tron (TRX), has pulled 14,884 ETH from Binance with the current market recovery. This transfer is consistent with his long-standing accumulation of Ethereum, which he has been doing since February 2024.
However, due to the company’s recent actions, there are signs that Sun is still bullish on Ethereum despite recent market conditions.
Justin Sun Withdraws 14,884 ETH, Total 392,474
Justin Sun has been on a shopping spree for Ethereum, acquiring large amounts. However, Sun has recently withdrawn 14,884 ETH, which was worth $36 million. This takes his Ethereum balance to 392,474 ETH.
Sun started his accumulation strategy in February 2024. He has been slowly accumulating more Ethereum, which shows his positive view on ETH in the long run.
Blockchain analytics platform Spot On Chain revealed that Sun made the latest acquisition. This follows a number of acquisitions within the last few months or so. Sun has invested in Ethereum in total, approximately $1.19 billion.
Ethereum Surges 5% Amid Market Recovery
The crypto market experienced a significant crash but a strong recovery after the crash. The price of Ethereum spiked more than 5% to hit a daily high of $2,547. This recovery is as US recession concerns subsided partly due to positive PMI and employment figures.
The general market trend has also positively influenced Ethereum. ETH is trading at $2,500 and above, while the market capitalization is back to $300 billion. Investors also bought into spot ether ETFs, though the market was recovering. Farside Investors said that spot Ether ETFs attracted $48.8m in inflows.
Justin Sun’s Confidence Mirrors Ethereum ETF Flows
Investors’ interest in Ethereum has not faded even during market fluctuations. BlackRock Ethereum ETF (ETHA) saw inflows of $47.1 million, while Grayscale’s ETHE recorded outflows of $46.8 million.
The Pro share of Fidelity’s FETH and VanEck’s ETHV also received considerable inflows, each receiving over $16 million in new investment. These movements suggest that institutions still have tremendous confidence in Ethereum’s long-term value.
This is evident from the recent actions and accumulation strategy of Justin Sun, the current CEO of Tron Foundation. This indicates that he still has faith in Ethereum because of its ability to bounce back. This is because the market has continued to recover, as noted in the following statement.
Sun Denies Leveraged Trades Amid Market Volatility
Sun had to come clean after reacting to the speculations about the leveraged trade liquidations. He said that the Tron team does not take leveraged trades, which answers the questions on risk in his investment plan.
Because of the price adjustments, Sun’s ETH holdings are now valued at slightly over $1 billion. Nevertheless, the speaker’s approach has not shifted to short-term gains, and his constant buying signifies that he has a plan for market fluctuations.
Ethereum’s fear and greed index is currently at 17%, in the extreme fear zone. However, the rebound has helped alleviate some of these concerns.
