As the market crashes hard, experienced crypto traders step up and show their strength by buying when prices drop. One well-known person who has been collecting Ethereum (ETH) since February 2024 is Justin Sun, the founder of Tron.
Sun strengthened his position even more on Monday by buying an extra 14,884 ETH.Spot On Chain, a blockchain analytics tool, said that Sun bought a remarkable $36 million worth of Ethereum from Binance in just ten hours.
Ethereum Value Faces Downturn
This new purchase fits with Sun’s larger plan to accumulate ETH over the past few months, which has increased his overall holdings to 392,474 ETH. Despite the current market downturn reducing the value of these assets to less than $1 billion, their worth remains significant.
As the price of ETH fell below $2,000 on Monday, there were reports that Justin Sun had closed his over $200 million worth of leveraged long positions. Sun quickly responded to these rumors, making it clear that the Tron team does not trade under pressure.
The price of ETH went up at the same time that the crypto market as a whole started to improve, which is interesting. Good economic news in the US, such as strong PMI data and rising job rates, contributed to this comeback by reducing concerns about a recession.
ETH is selling above $2,500 right now, and its market cap has once again surpassed $300 billion.Despite the rough day on Monday, when ETH fell below $2,000, spot Ether ETFs saw net entries. According to data from Farside Investors, spot Ether ETFs had a net inflow of $48.8 million.
Fourteen million dollars came into the BlackRock Ethereum ETF (ETHA), but forty-six million dollars left Grayscale’s ETHE. Both Fidelity’s FETH and VanEck’s ETHV saw deposits of more than $16 million.
