Justin Sun, the founder of Tron, is making some serious cash from the recent Ethereum rally. With Ethereum prices soaring, Sun decided to sell off some of his Ethereum holdings.
Sun’s Big Move
Sun started selling his Ethereum at around $3,202, netting him an estimated profit of $69.36 million. This represents a 5.69% increase on his initial investment.
According to on-chain data, Sun bought a large chunk of Ethereum between February and August, averaging a price of $3,027. This means he invested around $1.19 billion in Ethereum.
While Sun’s recent sale is a significant amount, it’s still relatively small compared to his total Ethereum holdings. So, don’t worry, Ethereum holders, this doesn’t seem to be a cause for concern.
Other Whales Join the Party
Sun isn’t the only one taking advantage of the Ethereum surge. Another early Ethereum investor, who had been inactive for three years, recently reactivated their account and moved $5 million worth of Ethereum to Coinbase. This account originally bought Ethereum during the ICO, investing $1,951. Now, their holdings are worth over $20 million.
Another big Ethereum whale, holding over $1.28 billion worth of Ethereum, has been selling off some of their tokens. They’ve sold a total of 46,853 Ethereum for $138.8 million since November 7th.
What Does It All Mean?
The recent surge in Ethereum prices has attracted attention from both individual investors and large whales. These whales are clearly taking advantage of the current market rally, but they still hold a significant amount of Ethereum.
With Ethereum’s market cap nearing $400 billion, it seems like the bull run is still going strong.
