When Ethereum surpassed $4,000 on December 7, a notable crypto personality placed a sell order worth $119.7 million.
According to on-chain data, Tron’s Justin Sun completed a transfer of 29,920 ETH to HTX as Ethereum continued its impressive run three days ago.
Ethereum price last touched the $4,000 mark last March, and the current price action comes at a time of growing demand for ETFs for Ethereum. CoinGlass data shows Ether ETFs enjoyed their higher daily traffic approximately $428 million on December 5.
Justin’s decision to Get rid of more than $119 million in ETH has raised healthy questions and debates about the Tron founder’s current strategy. Are you cashing out or just recalibrating a plan to generate more profits?
After briefly flirting with the $4k level, ETH immediately corrected it and is now trading at the $3,700 to $3,800 levels at the time of writing.
Does Justin Sun keep the profits?
Justin Sun purchased 392,474 ETH valued at $1.19 billion, with an average market price of $3,027 from February to August. The Tron founder is locking in profits based on Justin’s recent market decision.
The crypto entrepreneur also added 20,000 ETH to HTX on December 5. This transaction, valued at $76.3 million, was the second largest crypto move, surpassing $3,800.
Then, on December 8, Sun added 29,920 Ether, worth $119.7 million, to HTX after the asset’s price surpassed $4,000. According to Spot On Chain, Sun’s transaction netted him $366 million, excluding income from airdrops and gambling.
Sun continues buying and moving ETH tokens
Since the beginning of November, Sun has moved 41,630 ETH, valued at $145.9 million, to some centralized agencies. Of this batch, 39,000 tokens were transferred to HTX and 2,630 tokens to Poloniex at an average market price of $3,505.
Interestingly, the Tron founder also added staking rewards to HTX, including 322,119 EIGEN coins with a market value of $1.44 million and another 175,021 ETHFI tokens worth $516,000.
Ether shows solid growth
Ethereum recent price increasewhich allowed it to reach $4,000, began briefly last November. Ethereum has long considered this price level as its resistance zone. On-chain data and charts suggest that this price level has substantial selling pressure, so it is understandable that Ether has not held up in price this week.
Although the market has rejected the price, many analysts suggest that the bulls among the buyers will likely make another run to break the resistance level. With this latest rejection, the market is advised to keep an eye on lateral price movements. Still, Ethereum has a favorable market structure and if it breaks above the lower trend line of the channel, a revisit of the $3,500 level is possible.
Justin Sun’s $119 million Ethereum sell-off has sparked debate over whether it signals profit-taking or caution amid Ethereum’s $4,000 rally. While Sun made significant profits, his continued bets and transfers suggest a complex strategy rather than a simple exit. Since Ethereum maintains strong fundamentals, investors will be watching closely to see if this sell-off is a trend or a one-off move.
Featured image from Screen Rant, TradingView chart
