Justin Sun: The Suspected Ethereum Whale Who Acquired 160M Dollars in ETH?

Crypto News– Justin Sun, the creator of Tron, is speculated to be the individual behind the $160.7 million ETH acquisition, as indicated by the associated address.

Justin Sun: The Suspected Ethereum Whale Who Acquired 160M Dollars in ETH?

Recent whale activities, the introduction of spot ETH ETFs, and the upcoming Dencun upgrade have propelled Ethereum’s surge toward the $3,000 threshold. According to a post on Lookonchain published on X, the acquisition was executed through Binance, a prominent cryptocurrency exchange, along with several decentralized exchanges (DEXs).

The wallet linked to the acquisition, identified by the partial address “TWGHNc,” has been scrutinized for its transactions, including a withdrawal of 500 million USDT in Tether from HTX, formerly known as Huobi, on Sunday.

Ethereum’s Value Surging

Lately, Ethereum has seen a significant surge, indicating a bullish trend. The daily trading chart reflects a noticeable shift in market dynamics, with strong bullish momentum driving the asset forward. This momentum has propelled the price to surpass a crucial resistance zone, particularly the psychological barrier around the $2,900 mark, which it has successfully breached.

The fact that Ethereum has surpassed this level suggests that buyers currently hold sway in the market, and the trajectory appears set for further gains, with attention now turning towards surpassing the significant annual peak price of $3,600.

In addition to the notable whale activity, the competition for spot Ethereum ETFs has garnered considerable attention from major players. Institutions like Fidelity, Ark 21Shares, Grayscale, VanEck, Invesco, Galaxy, and Hashdex are among those eyeing entry into this space. This interest follows the success of similar products launched for Bitcoin in mid-January, which collectively amassed a staggering $11 billion in assets.