Justin Sun, the founder of Tron (TRX), has once again made headlines with his Ethereum purchases. Sun, known for his investments and statements in the cryptocurrency industry, took advantage of recent price declines and bought ETH once again.
According to Spot on Chain, a wallet believed to belong to Justin Sun received 4,629 ETH ($16.07 million) from Binance at a price of $3,472. In the past three days, this wallet has received a total of 13,967 ETH (worth $48.8 million) from Binance at an average price of $3,494.
Justin Sun had recently sold $21 million worth of AAVE, MKR, COMP, and LQTY to Binance. However, he is now accumulating Ethereum despite the current market decline.
But Sun is not the only one taking advantage of the Ethereum price drop. Another ETH whale known as czsamsunsb.eth also made purchases. This whale withdrew 8,310 ETH (worth $28.3 million) from Binance.
Analysts speculate that the optimism surrounding the rumors of a spot Ethereum ETF launching in early July may be driving this accumulation by whales and major players like Justin Sun.
At the time of writing, Ethereum is trading at $3,317.
Please note that this article does not provide investment advice.