Wallet Allegedly Belonging to Justin Sun Continues to Buy $41 Million Worth of Ethereum

The wallet allegedly belonging to blockchain tycoon Justin Sun has reportedly made large purchases of Ethereum (ETH). According to a tweet from blockchain analytics firm Lookonchain, the wallet purchased 13,780 ETH, worth about $41.24 million, from crypto exchange Binance 12 hours ago.

This latest purchase is part of a larger wholesale action. The wallet allegedly belonging to Justin Sun has collected a total of 168,369 ETH, worth approximately $487 million, from Binance and Decentralized Exchange (DEX) in less than two weeks. This series of transactions linked to the Sun wallet has become more intense this week, with significant purchases occurring almost every day.

On February 23, Sun's alleged wallet increased its ETH holdings by purchasing 18,616 ETH, worth $54.57 million, from Binance. This follows previous purchases on February 21, where the wallet purchased 12,702 ETH ($36.9 million) and 10,136 ETH ($29.76 million), and on February 19, a massive purchase of 54,721 ETH worth $154.4 million, among other transactions recorded on previous dates.

Ethereum Accumulation Trend

A wave of activity from a wallet allegedly belonging to Justin Sun, the founder of TRON and a prominent figure in the crypto world, has sparked discussion and speculation in the crypto community. Although Sun has not confirmed these transactions, the size and frequency of his purchases are consistent with the actions of a high-profile investor like himself.

This buying action occurred at a time when Ethereum experienced a significant increase in value. Ethereum price recently broke through the $3,000 mark, with the price currently sitting at $3,022. This represents an increase of 2.18% in the last 24 hours and a substantial increase of 35.88% over the last 30 days. The year-on-year performance was even more impressive, with the price of ETH surging 88.62%.

Ethereum's aggressive accumulation and concomitant price increase have led to various interpretations. Some analysts argue that these large-scale purchases could be a bullish signal for Ethereum, indicating strong confidence in the platform's long-term potential. 

Meanwhile, others speculate that this could be part of a broader strategy by Sun or an affiliated party, potentially amid Ethereum ETF speculation.

How to Buy ETH on Bittime

After knowing what ETH is and how it works, are you interested in buying and investing in this crypto asset? You can do it at Bittime. ETH tokens are available on Bittime in  ETH IDR pairings. 

 Below is a guide on how to buy ETH tokens on Bittime. 

1. Register an account at Bittime using an active email. 
2. Complete the identity verification process.  
3. Once the account is verified, open the Bittime application.
4. Select the Market menu or click the graphic icon. 
5. Select IDR pairing to buy ETH with Rupiah.
6. Click 'Buy'.
7. Select the order type to use. Limit orders, market orders, and stop orders are available.
8. Enter the nominal rupiah to buy ETH.
9. Click the 'Buy ETH' button. 
10. A notification pop-up will appear. Read it carefully and click 'Confirm'. 
11. Enter the six-digit Transaction PIN.
12. The application will display a successful order notification. 

For a complete guide on how to buy ETH, click here.

Apart from buying ETH tokens, you can also buy various crypto assets such as BTC, ALGO, SOL, ADA, AVAX, DOGE, and many others. Don't forget, keep monitoring ORDI, BTC, ETH, and SOL price chart movements today to find out crypto market trends on Bittime. 

Crypto asset buying and selling transactions on Bittime are easy, safe, and instant. Bittime is officially registered and supervised by Bappebti and Kominfo. 

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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.