Justin Sun Bought Ethereum Worth Tens of Millions During Market Dip
In the midst of a major downturn in the cryptocurrency market, industry leaders are taking advantage of falling prices by buying up Ethereum.
Justin Sun, founder of Tron, has significantly increased his Ethereum holdings, purchasing nearly 15,000 ETH in a recent transaction.
Blockchain analytics firm Spot On Chain reports that Sun invested around $36 million in Ethereum through Binance, bringing his total ETH holdings to approximately 392,474. Although the value of his Ethereum holdings has dropped below $1 billion due to recent price corrections, Sun remains committed to his strategy.
Despite speculation about liquidated leveraged positions when Ethereum fell below $2,000, Sun has clarified that his team does not use leveraged trades.
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Three Cryptocurrencies That May Face a Potential DeclineAs Ethereum’s price rebounds to over $2,500, institutional interest remains strong. Data from Farside Investors shows that Ethereum ETFs saw $48.8 million in net inflows on Monday, with BlackRock’s Ethereum ETF leading with $47.1 million in new investments. This indicates that major investors are still confident in Ethereum’s long-term prospects despite recent volatility.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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