Crypto News

Ethereum Spot ETFs Continue To Accumulate As Justin Sun Boosts Holdings Amid Price Dip

Ethereum spot ETFs are accumulating ETH regardless of price fluctuations, demonstrating strong confidence in the cryptocurrency’s long-term potential.

Currently, 27.5% of the total ETH supply is staked, with 16.3% of this staked ETH being re-staked through protocols such as Eigenlayer. This indicates a robust interest in local yield among ETH investors.

Long-term investors appear to be holding out for the launch of Ethereum ETFs and potential new all-time highs before deciding to sell their holdings. This cautious approach underscores their optimism about future market developments and price appreciation.

In a noteworthy move, Justin Sun, the founder of TRON, seems to be accumulating ETH during the current market dip. Seventeen hours ago, Sun’s wallet TT2T1 deposited $89.57 million USDT to Binance on the TRON network.

More recently, one hour ago, a new wallet 0xdbf withdrew 9,338 ETH, valued at $32.9 million, and $40 million USDT from Binance on the Ethereum network.

Justin Sun Strategic Moves In Purchasing 345,721 ETH 

It’s worth noting that Justin Sun has allegedly purchased 345,721 ETH, now valued at $1.21 billion, through two wallets, 0x7a9 and 0x435, in February and April.

These activities highlight the strategic maneuvers of major investors like Justin Sun, who are leveraging market dips to accumulate more ETH.

The continued interest in staking and re-staking, coupled with the anticipation surrounding Ethereum ETFs, reflects a strong belief in Ethereum’s long-term value proposition among both institutional and individual investors.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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