Renowned cryptocurrencycurrency trader Justin Sun just took out 13,780 ETH from Binance valued at $41.24 million, capping a 13-day ETH purchasing spree that brought his total holdings to 168,369 ETH valued at $487 million. Just prior to Ethereum’s third attempt in a week to break $3,000, this deal was finalized.
The acquisition of Sun has caused cryptocurrencycurrency fans to speculate about his intentions. In the meantime, traders have drawn comparisons between the price movements of Bitcoin prior to its ETF approval and Ethereum’s 35% monthly surge. Additionally, there has been discussion of Fidelity and BlackRock increasing Ethereum balances. They are regarded as leading candidates for a possible Ethereum ETF because they are significant Bitcoin ETF issuers.
According to on-chain data source Lookonchain, significant ETH transfers have taken place from exchanges to more secure wallets. In a single transaction, ETH valued at more than $45 million was taken out of Binance.
Dencon, an Ethereum network upgrade, is scheduled for March 13th. Dencon, which attempts to improve scalability and fix long-standing issues, is a highly anticipated upgrade event.
More From Crypto SA
